HomeBusinessFG RELEASES FACT SHEET ON BORROWING FROM CBN TO COUNTER SANUSI

FG RELEASES FACT SHEET ON BORROWING FROM CBN TO COUNTER SANUSI

December 6, 2016

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The CBN advanced the Federal Government the sum of N1.193 trillion as Ways and Means as at 2nd December 2016.

A fact sheet of the accounts of the Federal Government with the CBN, obtained on Monday from Presidency sources disclosed that the Federal Government did not borrow above its limit from the Central Bank of Nigeria, CBN.

The Presidency fact sheet showed that inflows into the Federal Government’s Treasury Single Account, TSA, as at December 2 stood at N4.4trillion.

The figure also indicated that a foreign exchange transfer into the account was N101.7 billion, giving a grand total of N4.574trillion.

The fact sheet also showed government spent N1.913trillion.

As a result, credit balance in the TSA as at December 2, 2016 was N2.66trillion.

Again, according to the fact sheet, money lent to the Federal Government by the CBN through Ways and Means was N1.467trillion, far less than what Sanusi claimed.

Former Governor of the Central Bank of Nigeria (CBN) and Emir of Kano, Muhammadu Sanusi II had asserted last week that the account of the Federal Government, domiciled at the Central Bank of Nigeria, is overdrawn to the tune of N4.7 trillion by the Buhari administration.

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