The Central Bank of Nigeria CBN has announced that it will uphold its Ways and Means Advances to the federal government with a limit of 5% for the fiscal years 2024 and 2025.
This information was detailed in the CBNs Monetary, Credit, Foreign Trade and Exchange Policy Guidelines for 2024 and 2025 which were made public on Tuesday.
As per the guidelines Ways and Means Advances will still be accessible to the Federal Government to address budgetary shortfalls up to a maximum of 5.0% of the previous years actual revenue. These advances are required to be repaid, as soon as possible and in any case by the end of the year in which they were granted.
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