The Central Bank of Nigeria has confirmed that it will sustain its Ways and Means Advances to the Federal Government at a five per cent limit for the fiscal years 2024-2025.
This information is based on the Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for the Fiscal Years 2024-2025, which were published by the Central Bank of Nigeria (CBN) on Tuesday.
The document stated, “Ways and Means Advances shall continue to be available to the Federal Government to finance deficits in its budgetary operations to a maximum of 5.0 per cent of the previous year’s actual collected revenue.
“Such advances shall be liquidated as soon as possible and shall in any event be repayable at the end of the year in which it was granted.”
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