The Federal Government can borrow up to N759bn from the Central Bank of Nigeria through the Ways and Means Advances in line with the new guideline by the National Assembly.
Federal Government can borrow up to N759bn from the Central Bank of Nigeria through the Ways and Means Advances in line with the new guideline by the National Assembly.
The Act read in part, “The total amount of such advances outstanding shall not at any time exceed five per cent of the previous year’s actual revenue of the Federal Government. However, the House of Representatives, amid protest, recently approved an amendment to the CBN Act, raising the ceiling of Ways and Means Advances from the apex bank from five to 15 per cent of the Federal Government’s previous year revenue.
The continued lending to the Federal Government by the CBN despite not liquidating previous advances, according to the lawmakers, lawyers and economists, is unlawful as both the government and the apex bank have been in breach of Section 38, of the Act, while the current securitisation proposal will breach of Section 38 of the law.
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