The World Bank has projected that the interest payments on the federal government's borrowing from the Central Bank of Nigeria (CBN) will gulp over 62 percent of revenue by 2027.
Wasilat AzeezThe World Bank says interest payments on the federal government’s borrowing from the Central Bank of Nigeria will gulp over 62 percent of revenue by 2027.
The federal government has been borrowing from the CBN through ways and means advances, a loan facility through which the CBN finances the government’s budget shortfalls. “Consequently, the burden of expenditure consolidation efforts is expected to be borne heavily by capital expenditures, which are projected to stay limited at 3.3 percent of GDP, well below what is needed to close Nigeria’s large infrastructure gap.
The ways and means’ debt climbed from N17.5 trillion in December 2021 to N23.7 trillion in October 2022 — an increase of N6.3 trillion within 10 months.
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