Buhari Seeks N1trn Cash Advance From CBN

Buhari Seeks N1trn Cash Advance From CBN

President Muhammadu Buhari asked the Senate on Wednesday to consider and approve the Central Bank of Nigeria’s advance of N1 trillion to the Federal Government (CBN).

In addition, the President urged the Senate to approve N819,536,937,813.00 as a Supplementary Appropriation Bill for 2022.

The President’s requests were contained in two letters read aloud in plenary by Senate President Ahmad Lawan.

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Buhari in his letter titled: “Restructuring of Ways and Means Advances” wrote: “The Ways and Means Advances by the Central Bank of Nigeria (CBN) to the Federal Government has been a funding option available to the Federal Government to cater for short term emergency finance to fund delayed government expected cash receipts or fiscal deficits.

“The Ways and Means Balances as at 19th December 2022 in the sum of N22,719,703,884,306.90 is hereby attached as annexure one.

“The detailed breakdown of the additional N1trillion to be advanced by the CBN is attached as annexture two.

“I have approved the securitization of the Ways and Means Balances along the following terms: Amount – N23, 019, 703,774,306.90; Tenor -40 years; Moratorium of principal repayment – three years and Interest rate – nine percent.

“Consequently, your concurrence and approval is hereby sought to allow for the implementation of same.”

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