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The Federal Government of Nigeria received an additional N3.8 trillion in what appears to be fresh Ways and Means Borrowing in the last six months of 2023.
This is according to provisional data published in the latest Statistics bulletin for the fourth quarter of 2023 recently released by the central bank.
The CBN’s provision data show that the total figure rose from N4.4 trillion at the end of June 2023 meaning that the cumulative Ways and Means balances due by the government now stand at N8.2 trillion as of December 2023.
This is despite news reports noting that the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, which suggest President Bola Tinubu’s government has not borrowed money from the CBN.
The Ways and Means provision serve as a mechanism enabling the government to secure short-term or emergency financing from the CBN to address cash flow gaps.
Total Ways and Means balances as of May 2023 when the Tinubu administration took over was N26.95 trillion. However, the balances were securitized as included as part of the federal government’s domestic debt profile.
A cursory analysis of the data shows the balance at the end of June 2023 was N4.36 trillion indicating that the prior month balances may have been moved to the Debt Management Office.
