CBN Governor Says Ways and Means Financing is Over
The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has said that the apex bank will no longer give Ways and Means to the President until the previous loans are repaid.
Olayemi noted that it was one of the measures taken by the apex bank to curtail the economic downturn currently plaguing the country.
Ways and Means is the money that the Central Bank of Nigeria lends to the Federal Government in the meantime to augment spending based on the time the revenue is generated.
Under the previous administration, the then CBN governor, Godwin Emefiele, without approval from the National Assembly, allegedly printed the sum of N22.7tn for former President Muhammadu Buhari under Ways and Means.
Cardoso on Friday alongside with the economic team met with the Senate Committees on Finance, Appropriations, Banking, Insurance and other Financial Institutions.
The Senate had summoned the economic team including the CBN governor, Minister of Finance, Wale Edun; the Minister of budget and Economic Planning, Atiku Bagudu; the minister of Agriculture, Abubakar Kyari, to address the current economic situation and more importantly, the free fall of the naira and hike in prices of foodstuffs.
The CBN governor said, “On our side at the CBN, we have responded with significant monetary policy tightening to rein in inflationary pressure.
