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In the first quarter of 2023, the Federal Government obtained a loan of N1.83tn from the Central Bank of Nigeria through the utilization of Ways and Means Advances.
As a result, the borrowing from the CBN by the Federal Government increased from N23.53tn in December 2022 to N25.36tn in March 2023.
The aforementioned figures were derived from provisional data provided by the apex bank through its quarterly statistical bulletin.
The Ways and Means Advances is a loan facility used by the central bank to finance the government in periods of temporary budget shortfalls, subject to limits imposed by law.
According to Section 38 of the CBN Act, 2007, the apex bank may grant temporary advances to the Federal Government with regard to temporary deficiency of budget revenue at such rate of interest as the bank may determine.
