Buhari writes reps, seeks approval of N1trn emergency funding from CBN

President Muhammadu Buhari on Wednesday wrote the House of Representatives to seek approval for the advance of N1 trillion from the Central Bank of Nigeria (CBN)’s Ways and Means.

The President in the letter said the
Ways and Means advances by the CBN to the federal government has been a funding option to cater for short-term or emergency finance to fund delayed government expected cash receipt of fiscal deficit.

He said the Ways and Means balances as of 19th December, 2022, is N23,719,703,774,306.90

The President said he had approved the securitisation of the Ways and Means balances along the following terms: amount, N23,719,703,774,306.90, with a tenure of 40 years; moratorium on principal repayment, three years and pricing interest rate of nine per cent.

“Your concurrence and approval is sought to allow for the implementation of same,” Buhari said.

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