The Federal Government borrowed N6.07tn from the Central Bank of Nigeria through Ways and Means Advances in 2022, according to recent data from the apex bank.
Prominent economists, Nigeria Employers’ Consultative Association and opposition parties took a swipe at the President, Major General Muhammadu Buhari, , and the National Assembly over the government’s over N22.7tn extra-budgetary spending approved by the legislative chambers.
With the approval by the Senate of the N22.7tn loan from the CBN extended to the Federal Government under its Ways and Means provision, Nigeria’s total debt will rise to N68.95tn. It stated that the figure consisted of the domestic and external total debt stocks of the Federal Government and the sub-national governments .
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