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Home Government

Senate Passes Bill to Double CBN Loans to Federal Government

Eriki Joan UgunushebyEriki Joan Ugunushe
July 31, 2024
in Government
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Senate Passes Bill to Double CBN Loans to Federal Government
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On Wednesday, the Nigerian Senate passed a bill to increase the percentage of loans the Central Bank of Nigeria (CBN) can provide to the Federal Government. This change raises the credit facility from 5% to 10%.

Table of Contents

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  • Why It Matters
  • What They Are saying
  • Bottom Line

Why It Matters

These loans, known as Ways and Means, are short-term financing options the CBN offers to help the Federal Government cover budget shortfalls. The Senate amended the CBN Act to make this increase possible.

The bill was considered during a plenary session, where it was read for the first time. Senate Leader Opeyemi Bamidele explained that the executive bill aims to help the government meet its growing financial needs. This increase is meant to cover budget deficits and other expenses.

 

What They Are saying

Bamidele emphasized that the loans would provide immediate funds to address budget shortfalls, finance essential government expenditures, and maintain financial market stability by preventing government defaults. He also mentioned that injecting these loans into the economy could stimulate economic activity, create jobs, and support critical sectors like agriculture, healthcare, and infrastructure development.

Additionally, Bamidele noted that the loans would reduce the government’s borrowing costs by providing cheaper funds compared to traditional borrowing methods. He and his colleagues argued that increasing the margin from 5% to 10% was necessary for economic development. They stressed the importance of monitoring capital projects to ensure that the funds are used appropriately for infrastructure and legacy projects.

Bottom Line

After consideration by the Committee of the Whole, the bill passed its third reading. President Bola Tinubu is expected to sign the amended bill into law.

Tags: billcbnfederal charactergovernmentNewsNigeriaSenateSenate Passes Bill to Double CBN Loans to Federal Government
Eriki Joan Ugunushe

Eriki Joan Ugunushe

Eriki Joan Ugunushe is a dedicated news writer and an aspiring entertainment and media lawyer. Graduated from the University of Ibadan, she combines her legal acumen with a passion for writing to craft compelling news stories.Eriki's commitment to effective communication shines through her participation in the Jobberman soft skills training, where she honed her abilities to overcome communication barriers, embrace the email culture, and provide and receive constructive feedback. She has also nurtured her creativity skills, understanding how creativity fosters critical thinking—a valuable asset in both writing and law.

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