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FG loans from CBN stands at N22tn

Factual Pursuit of Truth for Progress

 

The Federal Government borrowed N1.46tn from the Central Bank of Nigeria through Ways and Means Advances in August 2022.

The total FG’s borrowing from CBN rose from N20.61tn in July 2022 to N22.07tn in August 2022.

This is according to data from the CBN, the Federal Government borrowed a total N4.61tn from the apex bank between January and August.

The N22.07tn owed the apex bank by the Federal Government is not part of the country’s total public debt stock, which stood at N42.84tn as of June 2022, according to the Debt Management Office.

The public debt stock only includes the debts of the Federal Government of Nigeria, the 36 state governments, and the Federal Capital Territory.

Note that Ways and Means Advances is a loan facility through which the CBN finances the shortfalls in the government’s budget.

According to Section 38 of the CBN Act, 2007, the apex bank may grant temporary advances to the Federal Government with regard to temporary deficiency of budget revenue at such rate of interest as the bank may determine.

The Act read in part, “The total amount of such advances outstanding shall not at any time exceed five per cent of the previous year’s actual revenue of the Federal Government.

as soon as possible and shall, in any event, be repayable by the end of the Federal Government financial year in which they are granted and if such advances remain unpaid at the end of the year, the power of the bank to grant such further advances in any subsequent year shall not be exercisable, unless the outstanding advances have been repaid.”

However, the CBN has said on its website that the Federal Government’s borrowing from it through the Ways and Means Advances could have adverse effects on the bank’s monetary policy to the detriment of domestic prices and exchange rates.

“The direct consequence of central banks’ financing of deficits are distortions or surges in monetary base leading to adverse effect on domestic prices and exchange rates i.e macroeconomic instability because of excess liquidity that has been injected into the economy,” it said.

The World Bank had, in November last year, warned the Nigerian government against financing deficits by borrowing from the CBN through the Ways and Means Advances, saying this put fiscal pressures on the country’s expenditures.

Despite warnings from experts and organisations, the Federal Government has kept borrowing from the CBN to fund budget deficits

Politics

News Update?Osun Governorship Election Petition Tribunal Sitting Begins October 26

Latest Politics updatein nigeria

Osun State Governorship Election Petition Tribunal will on October 26 begin a full hearing of the petition filed by Governor Adegboyega Oyetola of the All Progressives Congress (APC) against the declaration of Senator Ademola Adeleke as governor-elect.

Lifestyle Nigeria reports that the tribunal made this pronouncement after concluding the pre-hearing session on Thursday.

The tribunal was asked to dismiss the applications of the Peoples Democratic Party (PDP) and the Independent National Electoral Commission (INEC), seeking the discontinuation of the petition brought to it by Governor Oyetola.

Counsel for Oyetola and the APC, Lasun Sanusi, SAN, at the sitting of the tribunal argued that Adeleke’s, PDP’s and INEC’s reliance on a Federal Court High judgment was nothing but an abuse of court process.

Sanusi argued this while replying to separate applications of the trio, seeking the dismissal of the petition based on the already appealed Federal High Court judgment disqualifying Oyetola from contesting the election.

Citing Supreme Court decisions in the case of Jegede Vs INEC, 2021, 14NWLR, Pt 1797, page 409, the counsel said the court had ruled that the signatories to the letter conveying the nomination of a candidate were not the nominators; rather, the nomination was done by party members at the congress, hence, the judgment could not stand.

Meanwhile, the counsel for INEC, Prof. Paul Ananaba, SAN; counsel for Adeleke, Onyechi Ikpeazu, SAN and counsel for the PDP, Dr. Alex Izinyon, SAN, agreed that any decision the tribunal would take on the matter would have to wait until the Appeal Court and the Supreme Court decided on it.

They noted that they just decided to argue the applications to have it on record, a position which the tribunal agreed with and put on record.

Also, in other applications totalling nine by the three respondents, they asked the tribunal to strike out some paragraphs of the petition on the grounds that they were either lumped together or not related to the 2022 election.

In response to each of the applications, Sanusi said all the cases cited by the respondents were misconceived, adding that they were not applicable in the instance case.

He cited the case of INEC Vs Otti, 2016, 8NWLR, where the Supreme Court hinted that INEC was supposed to be neutral, arguing that all the processes filed before the panel have not portrayed the commission’s neutrality.

Sanusi further argued that the applications filed by the respondents were only meant to prevent the tribunal from focusing on hearing the petition on merit, asking the panel to dismiss the applications.

Subsequently, counsel for all parties in the matter agreed to begin the full hearing starting with the calling of witnesses on October 26.

In his ruling, the tribunal declared the pre-hearing session concluded and announced that the pre-hearing conference report would be presented on October 17.

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NEWS UPDATE?Nigeria Air Force who died in the crashed NAF Alpha-jet that crashed in Borno state laid to rest (photos)

%title% Nigeria Air Force who died in the crashed NAF Alpha-jet that crashed in Borno state laid to rest (photos) Lifestyle Nigeria

Nigeria Air Force who died in the crashed NAF Alpha-jet that crashed in Borno state laid to rest (photos)

The remains of Flight Lieutenant Chapele Ebiakpo, one of the pilots of the NAF Alpha-Jet aircraft that crashed in Maiduguri, Borno state on March 31, 2021, have been laid to rest.

 

It will be recalled that the Nigerian Air Force fighter jet was declared missing on 31 March 2021 after losing radar contact. The crash site was later discovered and the bodies of the two pilots onboard the ill-fated jet were recovered. The pilots were on the battlefield fight Boko Haram members when the jet crashed.

 

On Thursday, October 13, friends and family members of the Late Ebiakpo gathered together at the National Military cemetery to bid him farewell. May his soul rest in peace, Amen.

 

See more photos from the funeral below…

 

Nigeria Air Force who died in the crashed NAF Alpha-jet that crashed in Borno state laid to rest (photos)Nigeria Air Force who died in the crashed NAF Alpha-jet that crashed in Borno state laid to rest (photos)Nigeria Air Force who died in the crashed NAF Alpha-jet that crashed in Borno state laid to rest (photos)Nigeria Air Force who died in the crashed NAF Alpha-jet that crashed in Borno state laid to rest (photos)Nigeria Air Force who died in the crashed NAF Alpha-jet that crashed in Borno state laid to rest (photos)Nigeria Air Force who died in the crashed NAF Alpha-jet that crashed in Borno state laid to rest (photos)

 

 

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<p>The post Nigeria Air Force who died in the crashed NAF Alpha-jet that crashed in Borno state laid to rest (photos) first appeared on Lifestyle Nigeria.</p>

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Phyna Bbnaija; Biography, Net Worth, Date Of Birth, Age, State Of Origin & Career – Lifestyle Nigeria


Real Name: Ijeoma Josephina

Stage Name: Phyna Bbnaija

Date Of Birth: 1997

 

Age: 25 years old

Profession: Actress

Nationality: Nigerian

State Of Origin: Edo State

Net Worth: $15K dollars

Details About Phyna Bbnaija


Phyna is currently 25 years old and she was born in the Nigerian state of Edo. Ijeoma Josephina is the correct spelling of her given name. She recounted herself as being the one who bring the ginger and the vibes to Biggie’s residence.

 

READ ALSO: BBNaija S7: Tega Makes U-turn About Phyna&#8217;s Loud Behaviour, Issues PSA

 

Phyna Bbnaija Date Of Birth

Phyna Bbnaija was born in the year 1997 in the Nigerian state of Edo. As of the time that this article about Phyna’s BBnaija biography and net worth was written, she had not yet reached her 25th birthday.

What is the net worth of Phyna Bbnaija?

At the time of writing, phyna bbnaija’s net worth was calculated at $15,000.

Conclusion:

There is still a lot of work to be done in this article. I’ll get to it as quickly as I can. Please share and leave a comment

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