Nigeria: Federal Govt Begins Audit of N22.7trn CBN Ways and Means Loan

21 February 2024
Leadership (Abuja)
By Mark Itsibor

The federal government has said it is conducting an audit of the N22.7 trillion Ways and Means loans of the Central Bank of Nigeria (CBN) to the federal government during the tenure of former President Muhammadu Buhari.

Finance minister and coordinating minister of the economy, Wale Edun, said the audit was necessary for the President Bola Tinubu-led administration before admitting to repaying it or not.

They both made the remarks at the Public Wealth Management Conference organised by the Ministry of Finance Incorporated (MOFI) with the theme, "Championing Nigeria's Economic Prosperity".

Edun said the central bank has pointed out that the Ways and Means have to be eliminated, a position he said the fiscal authorities strongly agree with.

"What we are doing in that direction? There was an inherited amount, N22.7 trillion, a backlog. We are auditing it. It's like when I am ready to pay a loan from the bank, I audit the account. I ask for an audit before finally agreeing to pay.

"But apart from that, how do you get your Ways and Means down? You get your revenue up. You get your expenditure down as much as possible," the minister said.

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