Central Bank of Nigeria to Stick to 5% Lending Cap, Says Budget Minister
Atiku Bagudu, Nigeria’s minister of budget and economic planning, has assured that the Central Bank of Nigeria (CBN) will not exceed the 5 percent limit on ways and means financing to the federal government in the 2024-2025 fiscal year. He emphasized that the government will explore innovative financing methods rather than relying on CBN loans to fund its N14 trillion deficit, aiming to boost investor confidence in Nigeria’s debt management. Meanwhile, finance minister Wale Edun highlighted the government’s focus on macroeconomic stability through exchange rate management, trade surplus, and increased oil production, noting that foreign reserves have surpassed $40 billion as the country targets 7 percent annual growth.
