Nigerian govt spends N912.32bn to service loans from CBN in three months

The Central Bank of Nigeria (CBN) Ways and Means Advances has cost the Federal Government a whopping N912.32bn to service in the form of interest in the first quarter of 2023.

This figure was stated in the Q1, 2023 Budget Implementation Report by the Budget Office of the Federation.

According to the report, the amount spent paying interest on this loan was 161.47 per cent higher than the N348.92bn spent in the same quarter of 2022.