Ways and Means: Reps concur with Senate, increase FG’s threshold to borrow from CBN

The House of Representatives has increased the limit within which the federal government can borrow from the Central Bank of Nigeria.

The House, in an emergency session on Sunday, passed the bill to amend section 38 of the CBN Act.

Section 38 of the Act gives the CBN the power to borrow from the Central Bank. However, the funds the federal government can borrow must not exceed five per cent of the previous year’s actual revenue of the government.

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