CBN downplays fresh N3.8trn loan, takes down report

The Central Bank of Nigeria (CBN) has taken down a report on its website detailing a fresh loan of N3.8 trillion from Ways and Means to the federal government during the second half of 2023.

The report which was uploaded on its site on April 19, 2024 has been taken down as efforts to download the report returned with a message that the report can not be found.

According to the CBN data for the fourth quarter of 2023 the total, ways and means granted to the federal government increased to N8.2 trillion by December 2023, up from N4.4 trillion which it was at the end of June 2023.

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As at May 2023 when President Bola Ahmed Tinubu took over the steering of the country, total Ways and Means balances stood at N26.95 trillion, however, these balances were incorporated into the federal government’s domestic debt profile.

By the end of June 2023, the balance had decreased to N4.36 trillion, possibly indicating a transfer of funds to the Debt Management Office. Subsequently, starting from July 2023, the balances consistently grew each month: reaching N4.5 trillion in July, N5.1 trillion in August, surpassing the N5.1 trillion mark for the first time.

In September, the total rose to N6.4 trillion, marking the largest monthly increase of about N1.3 trillion. This trend continued with a climb to N7.2 trillion in October, followed by a slight rise to N7.6 trillion in November. Finally, by the end of December, the total reached N8.21 trillion, indicating an 88 per cent increase in Ways and Means over six months.