The Central Bank of Nigeria (CBN) has provided loans totaling N25.36 trillion to the Federal Government, as reported.....KINDLY READ THE FULL STORY HERE▶

The figure includes the N1.83 trillion borrowed in the first quarter of 2023 through Ways and Means Advances.

Prior to this, as of December 2022, the federal government’s debt to the CBN stood at N23.53 trillion, according to provisional data from the CBN’s quarterly statistical bulletin…CONTINUE READING

Ways and Means Advances are temporary loan facilities utilized by the central bank to address shortfalls in the government’s budget, within the limits set by law.

In other news, the Development Bank of Nigeria has successfully raised N23 billion through a 14.40% bond due in 2028, primarily aimed at supporting small-scale businesses.

The bank’s objective is to utilize the funds to expand its capacity in providing financing for Micro, Small, and Medium Enterprises (MSMEs).

Speaking at the signing ceremony, the Managing Director of DBN, Tony Okpanachi, highlighted the significance of mobilizing capital within the Nigerian economy to meet the substantial funding needs of the targeted segment.

The Executive Director and Chief Financial Officer of DBN, Mrs. Ijeoma Ozulumba, noted that approximately 20,000 small businesses are expected to benefit from the fund, enabling them to access affordable finance.

DBN plans future issuances based on market conditions, fund utilization, and approval from stakeholders and advisors.