In the last half of 2023, the administration led by President Bola Tinubu of Nigeria obtained an additional N3.8 trillion through what seemed to be new Ways and Means borrowing, according to recent data from the Central Bank of Nigeria (CBN).
Despite assertions by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, that the Tinubu government had not borrowed from the CBN, provisional CBN data showed a rise in the total figure from N4.4 trillion in June 2023 to N8.2 trillion by December 2023.
The Ways and Means balances at the start of the Tinubu administration in May 2023 stood at N26.95 trillion, but were later included as part of the federal government’s domestic debt profile.
Monthly balances increased steadily from July, reaching N8.21 trillion by December, marking an 88% rise over six months.
