On Ways and Means advances to government by the Central Bank of Nigeria: the PEAC drew the attention of Mr President to the inherent risks to the economy of deficit funding using advances and cautioned that the level of borrowing from the CBN was in contravention of the limits imposed by the provisions of the Central Bank Act of 2007. The PEAC called for an amendment of the CBN Act to enable the Federal Government of Nigeria borrow legally from the CBN.
Fixing the Nigerian economy was arguably President Muhammadu Buhari’s toughest challenge. The Buhari economic years witnessed double-dip recession, with an unprecedented number of unemployed people and widespread poverty. Nigeria’s fiscal position became more uncertain, disruptive, and precarious then. All Federal Government budgets from 2016 were presented with huge deficits – most often in excess of 2 per cent of GDP – which paradoxically increased President Buhari’s appetite…