Details on How Tinubu Government Borrowed Trillions of Naira From CBN in Six Months

In the latter half of 2023, the Nigerian government, under the leadership of President Bola Tinubu, accrued an additional N3.8 trillion through Ways and Means advances, according to recent provisional data published by the Central Bank of Nigeria (CBN).

This new borrowing contradicts earlier statements made by Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, who claimed that the administration had not borrowed money from the CBN.

A detailed examination of the CBN’s latest statistical bulletin for the fourth quarter of 2023 reveals that the cumulative Ways and Means balances owed by the government increased significantly. Starting at N4.4 trillion at the end of June 2023, these balances soared to N8.2 trillion by December 2023.

When President Tinubu took office in May 2023, the Ways and Means balances stood at a staggering N26.95 trillion. These balances were later securitized and incorporated into the federal government’s domestic debt profile, as noted in earlier reports. The details from the CBN indicate that by the end of June 2023, the balance had slightly decreased to N4.36 trillion, potentially due to shifts to the Debt Management Office.

However, from July 2023 onwards, there was a marked monthly increase in balances. It began with N4.5 trillion in July and escalated to N5.1 trillion in August, surpassing the N5.1 trillion mark for the first time. September witnessed a significant jump, with about N1.3 trillion added, bringing the total to N6.4 trillion.

The borrowing trend continued with the balance reaching N7.2 trillion in October, N7.6 trillion in November, and finally peaking at N8.21 trillion by the end of December.