Federal Government’s Borrowing Surges To N8.2 Trillion Despite Claims Of No New Debt

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Naijanews April 26, 2024 2:04 p.m.

Federal Government’s Borrowing Surges To N8.2 Trillion Despite Claims Of No New Debt

This increase raises the total balance to N8.2 trillion as of December 2023, contrasting with earlier statements from government officials indicating no new borrowing under President Bola Tinubu’s administration.

The National Assembly had previously approved the securitization of N22.7 trillion out of N23.3 trillion advanced by the CBN through Ways and Means, transferring this debt to the Debt Management Office (DMO) with a 40-year tenor and a 9% interest rate.

Further complicating the fiscal landscape, amendments to the CBN Act have raised the ceiling for Ways and Means Advances from 5% to 15% of the Federal Government’s previous year’s revenue..

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