President Muhammadu Buhari has written a letter to the two chambers of the National Assembly seeking approval for the advance of N1 trillion...
President Muhammadu Buhari has written a letter to the two chambers of the National Assembly seeking approval for the advance of N1 trillion from the Central Bank of Nigeria (CBN’s” Ways and Means.
The president in the letter he sent yesterday to the Senate President and the Speaker of the House of Representatives said the Ways and Means Advances by the axe bank to the federal government has been a funding option to cater for short-term or emergency finance to fund delayed government expected cash receipt of fiscal deficit.
He said the Ways and Means balances as of 19th December, 2022, is N23.719 trillion.
The president said he had approved the securitisation of the Ways and Means balances along the following terms: amount, N23,719,703,774,306.90, with a tenure of 40 years; moratorium on principal repayment, three years and pricing interest rate of nine per cent.
“Your concurrence and approval are sought to allow for the implementation of the same,” Buhari said.
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