Central Bank of Nigeria, CBN says Federal Government had borrowed 6.07 trillion naira through Ways and Means Advances in 2022.

According to recent data from the Apex Bank, this pushed the Government’s borrowing from the CBN from 17.46 trillion naira in December 2021 to 23.53 trillion naira in December 2022.

It was however observed that the Government might have borrowed more than 6.07 trillion as the debt was 23.77 trillion naira in October 2022, and that servicing of the debt might have reduced it slightly to 23.53 trillion naira by December.

Meanwhile, the Senate and the House of Representatives had recently approved the request of the President for Ways and Means Advances restructuring, which then adds to the existing debt stock.

Also, the Debt Management Office, DMO had recently said Nigeria’s total public debt stock increased to 46.25 trillion naira in the fourth quarter of 2022.