CBN’s N23.7trn ‘Ways and Means’ loan will benefit Nigerians – Expert



An economist, Dr Boniface Chizea, has said that the Central Bank of Nigeria’s N23.7 trillion’ Ways and Means’ loan request would help put money in the hands of Nigerians.


Chizea made this disclosure in a Channelstv interview on Thursday.


Reacting to the Nigerian Senate’s rowdy session on Wednesday and subsequent suspension of President Muhammadu Buhari’s N23.7 trillion’ Ways and Means’ loan request, Chizea said lawmakers need to be educated on the subject matter.


He explained that the government does not have a better alternative.


Chizea disclosed that Nigeria’s economy might be chaotic if the ‘Ways and Means’ request is not approved.


He said, “You do not need a law for ‘Ways and Means’ for loan requests; I think our lawmakers need to be educated on the subject matter”.


He added, “It will inject liquidity into the economy; it is a specific form of domestic borrowing by the government.


“It is better you do it than not to pay workers salaries and to run the nation. It is a means to put money in the hands of Nigerians for spending”.


The Ways and Means represent advances or funds from CBN to the federal government for emergency funding of delayed receipt of fiscal deficit.


Last week in a letter to the Senate, Buhari sought the lawmakers’ approval of the N23.7 trillion Ways and Means advances.


Earlier, the president disclosed that the amount had been a funding option to the federal government to cater for emergency finance to fund delayed government expected cash receipt of physical deficit.

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