President Muhammadu Buhari has written to the Senate, requesting the approval of restructuring of N23.7trillion Ways and Means advances given to the Federal Government by the Central Bank of Nigeria (CBN)

The President, in a letter read by Senate President Ahmad Lawan during Wednesday’s plenary session explained that Ways and Means are advances from the CBN to the Federal Government for emergency funding of delayed receipt of fiscal deficit.

He said the Ways and Means balances as at 19th December 2022 is 22.7 trillion.

Buhari further stated in the letter that he has approved the securitisation of the Ways and Means balances along the following terms: Amount; N23.7 trillion; Tenure 40 years; Moratorium on principal repayment; three years; Pricing interest rate 9%.

Lawan forwarded the request to the Senate Committee on Finance for further legislative action.

He said the request and the N819.5billion supplementary budget will be considered and passed by the Senate on Thursday alongside the N20.51 trillion 2023 appropriation bill.