• About
  • Advertise
  • Careers
  • Contact Us
Monday, June 23, 2025
  • Login
No Result
View All Result
NEWSLETTER
Tech | Business | Economy
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
No Result
View All Result
Tech | Business | Economy
No Result
View All Result
ADVERTISEMENT
Home Economy Finance

Finally, Lawmakers Authorize Buhari’s N22.7tn Loan Request

by Justice Godfrey Okamgba
May 4, 2023
in Finance
0
Finally, Lawmakers Authorize Buhari’s N22.7tn Loan Request
UBA
Advertisements
Nigerian lawmakers have finally approved the restructuring of N22.719 trillion borrowed by the Federal Government from the Central Bank of Nigeria (CBN) through its Ways and Means provision.

This approval was initiated after the Senate considered the report from its ad hoc committee, which explained how the Nigerian Government had repeatedly borrowed from the CBN in the process exceeding the five percent threshold of the previous year’s revenue as stipulated by the CBN Act.

Buhari had last year asked the Senate to approve his proposal to securitize the loan but the Red Chamber rejected the request, citing a lack of details.

Buhari, while appealing to the Senate to reconsider its stand, said failure to grant the securitization approval will cost the government about N1.8tn in additional interest in 2023.

Presenting the report, the senate leader, Ibrahim Gobir, said: “Part of the Ways and Means monies were given to State Governments as loans to augment budgetary shortfall in their various States.

Mr. President received the majority of the funding requests for an increase in Ways and Means related to the need to finance the budget because of a revenue shortfall. These demands were either made by the Central Bank Governor or the Honorable Minister of Finance, Budget, and National Planning.

Due to income deficits brought on by the COVID-19 epidemic and low oil prices, the Federal Government largely relied on the Ways and Means to finance its budget deficit to keep the nation operating for the benefit of its citizens.

The Federal Government used the funds it received to finance important national initiatives.

The Federal Government was forced to continually borrow money from the CBN to keep the economy from collapsing due to the severe shortfall in government revenue, exceeding the CBN Act of 2007’s 5 percent revenue threshold.

It has finalized preparations to convert CBN loans into tradable securities like treasury bills and bond issuance through the Ministry of Finance, Budget, and National Planning.

Loading

Advertisements
MTN ADS

Author

  • Justice Godfrey Okamgba
    Justice Godfrey Okamgba

    View all posts
0Shares
Tags: BorrowingCBNWays and Means Advances
Justice Godfrey Okamgba

Justice Godfrey Okamgba

Next Post
FAAN and Ajao Estate demolition

FAAN: Ajao Estate Demolition was for Airport Safety, Security

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Recommended

Africa Day 2023 by Afro Geek

Africa Day and the Power of African Creativity

2 years ago
Samsung to Integrate Nokia’s Video Technologies in TVs Under New Patent Deal

Samsung to Integrate Nokia’s Video Technologies in TVs Under New Patent Deal

5 months ago

Popular News

    Connect with us

    • About
    • Advertise
    • Careers
    • Contact Us

    © 2025 TECHECONOMY.

    No Result
    View All Result
    • News
    • Tech
      • DisruptiveTECH
      • ConsumerTech
      • How To
      • TechTAINMENT
    • Business
      • Telecoms
      • Mobility
      • Environment
      • Travel
      • StartUPs
        • Chidiverse
      • TE Insights
      • Security
    • Partners
    • Economy
      • Finance
      • Fintech
      • Digital Assets
      • Personal Finance
      • Insurance
    • Features
      • IndustryINFLUENCERS
      • Guest Writer
      • EventDIARY
      • Editorial
      • Appointment
    • TECHECONOMY TV
    • Apply
    • TBS
    • BusinesSENSE For SMEs

    © 2025 TECHECONOMY.

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    Translate »
    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.