Nigerian President Muhammadu Buhari has requested that the Senate approve its plan to restructure N23.7 trillion Ways and Means advances given the Federal Government by the Central Bank of Nigeria (CBN).
In a letter read by Senate President Ahmed Lawan, Buhari said Ways and Means were advanced from the CBN to the Federal Government for emergency funding of delayed receipt of fiscal deficit.
The letter titled “Restructuring of ways and means advances”, reads in part: “The ways and means advances by the central bank, to the Federal Government has been a funding option to the government to cater for short term or emergency finance to fund delayed government expected cash receipt of fiscal deficit.