Federal Government paid interest of N2.03tn from January 2020 to November 2021 on the loans it got from the Central Bank of Nigeria through the Ways and Means Advances, according to official data.
Data obtained from the government’s Medium-Term Expenditure Framework and Fiscal Strategy Paper 2022-2024 show N912.57bn was spent on the payments of interest on Ways and Means Advances in 2020, although there was no budgetary allocation for it in the 2020 budget. The CBN said on its website that the Federal Government’s borrowing from it through the Ways and Means Advances could have adverse effects on the bank’s monetary policy to the detriment of domestic prices and exchange rates.
The World Bank had in November last year warned the Nigeria government against financing deficits by borrowing from the CBN through the Ways and Means Advances, saying this put fiscal pressures on the country’s expenditures.
Ok Ok Ok
Loans Loans Latest News, Loans Loans Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: thecableng - 🏆 2. / 80 Read more »