Central Bank of Nigeria says its Ways and Means Advances to the federal government will continue to be maintained at the 5% threshold for fiscal years 2024-2025.
According to the CBN’s Monetary, Credit, Foreign Trade and Exchange Policy Guidelines for Fiscal Years 2024-2025 document released yesterday, the CBN can advance up to 5% of the previous year’s actual collected revenue to the Federal Government, which must be repaid within the year to prevent a long-term fiscal burden.
In line with Treasury Single Account arrangements, the apex bank also clarified that the advances would be determined by recognizing the sub-accounts of various Ministries, Departments, and Agencies linked to the Consolidated Revenue Fund.
Meanwhile, the Presidency has dismissed as lies, a viral media report claiming that President Bola Tinubuhas asked CBN Governor, Olayemi Cardoso, to resign.
