CBN Deletes Report Showing Tinubu Increased Ways and Means Loans by 88%

CBN Deletes Report Revealing 88% Increase in Ways and Means Loans Under Tinubu.

The Central Bank of Nigeria (CBN) has stirred controversy with the deletion of its Ways and Means reports, revealing a significant increase in the balance attributed to President Bola Ahmed Tinubu’s administration.

According to the report, during the second half of 2023, the CBN provided a substantial fresh loan of N3.8 trillion to the federal government through Ways and Means.

Read Also : Nigeria’s Ways and Means Balances Soar by 88% in Six Months Under Tinubu

The figures showcased a remarkable surge, with the balance soaring to N8.2 trillion by December from N4.4 trillion at the end of June 2023, marking an 88% increase. This data, obtained from CBN’s fourth-quarter report for 2023, underscores a substantial injection of funds into the government’s coffers.

However, recent developments indicate a puzzling disappearance of the said report. The document, which was available on the CBN website as of April 19, 2024, has now been removed. Attempts to access the report have proven futile, as users are met with a message stating that the report cannot be found, raising questions about transparency and accountability within the institution.

Upon assuming office in May 2023, President Bola Ahmed Tinubu inherited a staggering total Ways and Means balance of N26.95 trillion. However, these balances were subsequently integrated into the federal government’s domestic debt profile. By the end of June 2023, the balance had dwindled to N4.36 trillion, possibly indicating a transfer of funds to the Debt Management Office.

However,  by the end of June 2023, the balance had decreased to N4.36 trillion, possibly indicating a transfer of funds to the Debt Management Office. Subsequently, starting from July 2023, the balances consistently grew each month: reaching N4.5 trillion in July, N5.1 trillion in August, surpassing the N5.1 trillion mark for the first time.

In September, the total rose to N6.4 trillion, marking the largest monthly increase of about N1.3 trillion. This trend continued with a climb to N7.2 trillion in October, followed by a slight rise to N7.6 trillion in November. Finally, by the end of December, the total reached N8.21 trillion, indicating an 88 per cent increase in Ways and Means over six months.

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