The World Bank has projected that interest payments on the Federal Government’s borrowing from the Central Bank of Nigeria will gulp about 62 per cent of government revenue by 2027 despite the restructuring plan.
Despite warnings from experts and organisations, the Federal Government has kept borrowing from the CBN to fund budget deficits.had reported that the Federal Government paid an interest of N2.03tn from January 2020 to November 2021 on the loans it got from the CBN through the Ways and Means Advances.
The Managing Director/Chief Executive Officer of Cowry Asset Management Limited, Mr Johnson Chukwu, recently said the central bank’s lending to the government was putting pressure on the exchange rate and the inflation rate, with “liquidity that has no productivity attached to it coming into the system.”
At the plenary on Wednesday, President of the Senate, Ahmad Lawan; and Speaker of the House of Representatives, Femi Gbajabiamila, read out Buhari’s request to members of the respective chambers.
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