After much ado, the Senate finally approved the request by President Muhammadu Buhari to restructure the N22.7 trillion loans the Central Bank of Nigeria, CBN, extended to the federal government under its Ways and Means provision.
The Ways and Means provision 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.
Last year, the Senate rejected Buhari’s request to approve the N22.7 trillion Ways and Means advance on the ground that it lacked details.
