Lawmakers block FG from accessing N600bn CBN overdraft.
Nigerian lawmakers amended the CBN Act to increase the federal government’s borrowing limit from 5% to 10% of the previous year’s revenue, unlocking N610 billion in loans for 2024. However, the government still owes over N30 trillion to the CBN, preventing further borrowing until these debts are cleared. Despite legislative changes, accessing additional funds would require violating the CBN Act, which prohibits new loans until existing balances are settled.
President Bola Tinubu announced that the federal government’s revenue hit N9.1 trillion in the first half of 2024, surpassing the total revenue for 2023. However, economists argue that more substantial measures are needed to boost revenue, particularly by addressing issues in the oil and gas sector and implementing tax reforms.
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