By Munachimso Obienyi
Nigeria’s continuous borrowing could keep its economy in jeopardy as the latest investigations revealed that total Central Bank of Nigeria’s Ways and Means loans to the Federal Government have now risen to N22.8 trillion as of September 2022.
This is coming after data from the bank’s periodic publications revealed that its Ways and Means’ loans to the Federal Government in September rose by N749 billion.
This could be the highest loan extension to any government in Nigeria’s history via Ways and Means.
Economic experts who spoke to NwafoLive, said the loans could continue to rise in the months ahead given the low revenues from taxes and crude oil sales, adding that this could push the economic jeopardy as a new administration prepares to take over next year.
Ways and Means is a loan facility through which the CBN finances the government’s budget shortfalls.
It also allows the government to borrow from the apex bank if it needs short-term or emergency finance to fund delayed government expected cash receipts of fiscal deficits.