Central Bank of Nigeria Deletes Report on Fresh Government Loans: What Happened?

The Central Bank of Nigeria (CBN) recently deleted a report revealing that the federal government received a fresh loan of N3.8 trillion through Ways and Means during the second half of 2023. This information came to light after the report, initially posted on the CBN website on April 19, 2024, became inaccessible with a message indicating that the report could not be found.

SK Blog reported that the total amount of Ways and Means loans granted to the federal government increased from N4.4 trillion at the end of June 2023 to N8.2 trillion by December 2023. However, the sudden removal of the report has raised questions regarding the transparency of these figures.

Further checks revealed that as of May 2023, when President Bola Ahmed Tinubu took office, the total balance for Ways and Means loans stood at N26.95 trillion. This substantial amount was subsequently incorporated into the federal government’s domestic debt profile.

By the end of June 2023, the balance had decreased to N4.36 trillion, possibly due to a transfer of funds to the Debt Management Office. However, beginning in July 2023, the balance consistently rose each month, reaching N4.5 trillion in July, N5.1 trillion in August, and subsequently surpassing N5.1 trillion.

The removal of the report has sparked speculation about the CBN’s accountability and transparency. The federal government’s growing reliance on Ways and Means loans and the subsequent removal of crucial financial information has drawn attention to the need for greater scrutiny and openness in the nation’s financial management.