Senate Approves Buhari’s N22.7trn CBN Loan Request

The Senate has approved N22.7 trillion borrowed by the President Muhammadu Buhari administration from the Central Bank of Nigeria.

The N22.7 trillion is money borrowed by the federal government from the Central Bank of Nigeria (CBN) through the “ways and means advances”.

The upper legislative chamber approved the request on Wednesday, after Ibrahim Gobir, senate leader, presented a report.

President Muhammadu Buhari had asked the Senate to approve the sum in December 2022, but some senators — mostly of the opposition — kicked against it.

They demanded that records of what the funds were spent on be provided before approval is given to his request.