The President, Major General Muhammadu Buhari (retd.), has forwarded to the Senate, a request for approval of restructuring of N23.7tn Ways and Means advances given to the Federal Government by the Central Bank of Nigeria.
The President as stated in a letter read in Senate Plenary on Wednesday, said Ways and Means are advances from the CBN to the federal government for emergency funding of delayed receipt of fiscal deficit.
The letter titled ‘Restructuring of Ways and Means Advances’ reads in part, ” The ways and means advance by the central bank of Nigeria, to the federal government has been a funding option to the federal government to cater for short term or emergency finance to fund delayed government expected cash receipt of physical deficit.
“The ways and means, balances as of 19th December 2022 is N23,719,703,774,306.90.
