The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed said that the Federal Government has decided to repay its N20 trillion loans advance or overdraft it has with the Central Bank of Nigeria (CBN) with securities, Treasury Bills and Bonds’ issuance. Mrs. Ahmed, who spoke during the 2023 budget breakdown in Abuja, said the President, Muhammadu Buhari, has approved the repayment of CBN’s N20 trillion overdraft with securities.
To this end, the Federal Government can now issue securities like treasury Bill, Bonds Certificates and other types of security instruments to repay what it owes the Apex bank. The Minister also put the value of the Federal Government’s assets under the management of the Ministry of Finance Incorporated (MoFI) to the tune of N30 trillion. It is worthy to note that this is the first time the exact amount the CBN has loaned to the Federal Government has been given public affirmation.