Buhari seeks senate approval to restructure CBN’s N23.7trn ways and means

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President Muhammadu Buhari has written to the Senate, requesting the approval of restructuring of N23.7trillion Ways and Means advances given to the Federal Government by the Central Bank of Nigeria (CBN)

The President, in a letter read during Wednesday’s plenary by the Senate President, Ahmad Lawan, explained that Ways and Means are advances from the CBN to the Federal Government for emergency funding of delayed receipt of fiscal deficit.

According to him, “The Ways and Means balances as of December 19, 2022, is 22.7 trillion.”

President Buhari further revealed in the letter that he has approved the securitisation of the Ways and Means balances along the following terms: Amount; N23.7 trillion; Tenure 40 years; Moratorium on principal repayment; three years; Pricing interest rate 9%.

After the letter was read, Lawan forwarded the request to the Senate Committee on Finance for further legislative action, stating that the request and the N819.5billion supplementary budget will be considered and passed by the Senate on Thursday alongside the N20.51 trillion 2023 appropriation bill.