Whenever the FG has a shortfall in its budget, it uses Ways and Means advances, a loan facility it obtains from the CBN to offset the shortfall.
As of December 2021, the amount borrowed by the FG from the CBN stood at N17.46 trillion and the amount has risen to N23.77tn in October 2022.
This N23.77 which the FG owes the CBN is not captured in the country’s total public debt stock which currently stands at N42.84 trillion as of June 2022. The N42.84 trillion public debt stock is a combination of the debts of the FG, 36 states and the FCT.
