FG borrowing from CBN hit N25tn in March – Report

The Federal Government borrowed N1.83tn from the Central Bank of Nigeria through Ways and Means Advances in the first quarter of 2023, the PUNCH has learnt.

This pushed its borrowing from the CBN to N25.36tn in March 2023 from N23.53tn in December 2022.

The figure was according to the provisional data from the apex bank through its quarterly statistical bulletin.


The Ways and Means Advances is a loan facility used by the central bank to finance the government in periods of temporary budget shortfalls, subject to limits imposed by law.

According to Section 38 of the CBN Act, 2007, the apex bank may grant temporary advances to the Federal Government with regard to temporary deficiency of budget revenue at such rate of interest as the bank may determine.

By

Comments

Post a Comment

Popular posts from this blog

WAEC Extends Death Line For WAEC GCE 2020 Registration

Image
The West African Examinations Council (WAEC) has extended the death line for WASSCE FOR PRIVATE CANDIDATES Registration from October 30th to November 6, 2020.  This was made know through her tweeter handler as they tweeted  "WASSCE FOR PRIVATE CANDIDATES, 2020 - SECOND SERIES: FURTHER EXTENSION OF REGISTRATION PERIOD Intending candidates should note that there has been a further extension of the registration period to Friday, November 6, 2020. Thank you.@IamKingDemian @WaleMicaiah @Gidi_Traffic
Read more>>>

Ray Stevenson, actor in 'Thor,' 'RRR' and 'Ahsoka,' dies at 58

Image
British actor, Ray Stevenson, best known for starring roles in “Punisher: War Zone” and the “Rome” television show, has died at the age of 58.   Stevenson died on Sunday May 21 , four days before his 59th birthday,  his publicist confirmed in a statement. A cause of death has not been given.   The Italian newspaper La Repubblica reported he had been hospitalized on the island of Ischia while in production on the film Cassino on Ischia, directed by Frank Ciota.   The Peter Mayhew Foundation, set up by the actor who played Chewbacca in the Star Wars films, tweeted: “We are sad to hear of the passing of Ray Stevenson.   “You may recognize Ray as Baylon Skoll from the upcoming Ahsoka show on Disney+. You may also remember his work as the voice of mandalorian super commando Gar Saxon in The Clone Wars. Our sincerest condolences to his family.”     Born on May 25, 1964, in Lisburn, Northern Ireland, Stevenson began his screen career in the early 1990s, appearing in European TV se
Read more>>>

Police arrest suspected kidnappers of Alao-Ala's farm supervisor and others

Image
The Oyo State Police Command has arrested suspected 17 kidnappers for their involvement in some recent abductions in the state.    Spokesperson of the command, Adewale Osifeso, who disclosed this in a statement on Friday, July 29, said eight suspects were arrested in connection with the  abduction  of Christopher Bakare, the supervisor of a farm belonging to the late former governor of the state, Adebayo Alao-Akala.    Bakare was abducted on the farm in Jabata located in the Surulere Local Government Area of the state.    Some of the eight suspects were also said to have kidnapped the owner of a private clinic, Dr Abdurasheed Oladoye at Gbede in the same local government area. The police noted that some items including a gun and expended cartridge as well as some cash were recovered from them. "One Taiwo Christopher Bakare ‘m’, Farm Supervisor of TDB Farm Ltd, and Dr Abdulrasheed Oladoye ‘m’ both of Jabata and Gbede communities under Surulere Local Governme
Read more>>>

Tragedy As Truck Crashes Into A School Bus In Enugu Leaving Scores Of Pupils Dead.

Image
An unconfirmed number students have been confirmed dead in a road accident that happened on Wednesday evening, at Mmaku Hill, Awgu Local Government Area of Enugu State. The tragic incident happened at Nkwo junction around 4:30pm when driver of Presentation Nursery and Primary school bus was conveying each students to their various destinations. It was gathered that the accident occurred after the brake of a company truck failed and rammed into a student filled school bus. A source, Spartan Arinze, told our correspondent that the students who are mostly the victims including some staff died immediately after the accident. The tragic accident also claimed the lives of a roadside tyre repairer, cyclist and mechanic, the source said. Others who survived the ghastly accident are currently in a critical condition at University of Nigeria Teaching Hospital (UNTH) Enugu.   “A fatal accident that left many dead, occurred at Mmaku hill when a company truck failed break and crashed with Primary a
Read more>>>

Elton John farewell tour ends after years of 'pure joy'

Image
Elton John told his millions of fans on Saturday night that they would remain in his "head, heart and soul", concluding his marathon farewell tour in Stockholm with one of his biggest hits - Goodbye Yellow Brick Road. The 76-year-old singer has won five Grammy awards in a spectacular career spanning 50 years and nearly 4,600 performances worldwide. "It's been my lifeblood to play for you guys, and you've been absolutely magnificent," he told the audience at Sweden's Tele2 Arena. Elton John paid an emotional tribute to his current band and crew, some of whom have been touring with him for many years. "They're really incredible," he said, "and they are the best, I tell you, the best." He kicked off his show with Bennie and the Jets, and went on to perform many other hits, including Philadelphia Freedom, Tiny Dancer, Rocket Man and Candle in the Wind. His Farewell Yellow Brick Road tour began in North America in 2018, and
Read more>>>