Debt restructuring: FG’s borrowing from CBN falls to N4.36tn – moneyamebo

Date:

The Federal Government’s debt to the Central Bank of Nigeria through the Ways and Means Advances fell to N4.36tn after most of it was restructured in June, 2023, Saturday PUNCH has learnt.

The figure was according to the provisional data from the apex bank through its quarterly statistical bulletin for the second quarter of 2023.

However, Saturday PUNCH observed that this loan rose by N3.42tn in five months, from N23.53tn in December 2022 to N26.95tn in May 2023.

The PUNCH recently reported that the Federal Government paid an interest of N912.32bn in the first quarter of 2023 on the loans it got from the CBN.

This amount was stated in the Q1, 2023 Budget Implementation Report by the Budget Office of the Federation.

The amount spent paying interest on this loan was 161.47 per cent higher than N348.92bn spent in the same quarter of 2022.

The PUNCH earlier reported that the Federal Government planned to spend N1.2tn on servicing the loans it got from the CBN through Ways and Means Advances.

This means that the government planned to spend about N300bn quarterly.

However, it had spent about 76.03 per cent of its budget for the interests on the ways and means advances.

Ways and Means Advances is a loan facility used by the CBN to finance the government in periods of temporary budget shortfalls subject to limits imposed by law.

 

Source: The Punch

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Share post:

Subscribe

Popular

Latest Updates

More like this
Related

CBN issues new guidelines for bureau de change operations

The Central Bank of Nigeria (CBN) has released new...

Naira gains N28.34 against dollar at official market

The Naira on Monday gained N28.34 at the official...

CBN withdraws cybersecurity levy

Nigerians can now heave a sigh of relief as...

Usyk beats Fury to become undisputed world heavyweight boxing champion

Oleksandr Usyk beat Tyson Fury by split decision to win the world's first undisputed heavyweight championship in 25 years on Sunday, an unprecedented feat in boxing's four-belt era. The judges scored the fight 115-112 for Usyk, 114-113 for Fury, leaving the final card to decide, which read 114-113 for Usyk. It meant Fury, 35, lost […]

The post Usyk beats Fury to become undisputed world heavyweight boxing champion appeared first on The Guardian Nigeria News - Nigeria and World News.

bitcoin
Bitcoin (BTC) $ 68,643.39 2.27%
ethereum
Ethereum (ETH) $ 3,750.29 1.99%
tether
Tether (USDT) $ 1.00 0.08%
bnb
BNB (BNB) $ 600.84 1.78%
solana
Solana (SOL) $ 168.57 1.23%
staked-ether
Lido Staked Ether (STETH) $ 3,747.96 1.83%
usd-coin
USDC (USDC) $ 1.00 0.08%
xrp
XRP (XRP) $ 0.534737 2.94%
dogecoin
Dogecoin (DOGE) $ 0.164229 3.50%
the-open-network
Toncoin (TON) $ 6.31 3.04%