This is confirmed by the provisional data published in the latest statistical bulletin for the fourth quarter of the year recently published by the Central Bank of Nigeria (CBN).
In the final six months of 2023, President Bola Tinubu’s Nigerian administration got an additional N3.8 trillion in what appeared to be a loan.
This is supported by provisional statistics from the Central Bank of Nigeria’s (CBN) most recent statistical bulletin for the fourth quarter of the year.
This is despite claims by the Minister of Finance and Coordinating Minister of Economic Affairs, Wale Eduna, that the government of President Bola Tinubu has not borrowed money from the CBN.
Preliminary data from the CBN shows that the total increased from N4.4 trillion as of the end of June 2023, meaning that the total balance of funds payable by the government increased to N8.2 trillion as of December 2023.
When Tinubu took over the administration in May 2023, the entire balance of ways and means was N26.95 trillion. However, the remaining shares are collateralized by the federal government’s domestic debt profile.
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According to Daily Trust, a review of the data reveals that the balance was N4.36 trillion at the end of June 2023, implying that the previous month’s sums may have been transferred to the Debt Management Office.
However, since July 2023, balances have increased every month, first to N4.5 trillion in July and then to N5.1 trillion in August, surpassing the N5.1 trillion mark for the first time.
In September, they amounted to N6.4 trillion, the largest additional borrowing that month, about N1.3 trillion. It then rose to N7.2 trillion in October before rising slightly to N7.6 trillion in November.
At the end of the year in December, the total stood at N8.21 trillion, indicating that assets and assets grew by 88% in six months.
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