A cash advance is essentially a short-term loan, often borrowed from a credit card issuer.

The President also requested that the Senate pass the extra appropriations measure for 2022, N819,536,937,813.

Two letters from the President were read aloud in the Senate by President Ahmad Lawan.

Buhari, in his letter titled “Restructuring of Ways and Means Advances,” wrote: “The Ways and Means Advance 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 of December 19, 2022, in the sum of N22,719,703,884,306.90, is hereby attached as Annexure 1.

“The detailed breakdown of the additional N1trillion to be advanced by the CBN is attached as Annexure 2.”

“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 on principal repayment: three years; interest rate: nine percent.

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

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