President Bola Tinubu has bragged that for three straight months he had met Nigeria’s financial obligations without touching remittances by the Nigerian National Petroleum Company Limited [NNPC Ltd].
He also said he had no recourse l to advances from the Central Bank of Nigeria via Ways and Means.
The Central Bank of Nigeria’s (CBN) Ways and Means Advances are loans that the bank provides to the Nigerian government to help with temporary budget shortfalls.
The CBN can grant these advances at an interest rate of its choosing.
The government must repay the advances as soon as possible and in full by the end of the year they were granted
The President stated this during his first Presidential Media Chat, which was broadcast from his Ikoyi, Lagos home on Monday night.
He spoke magisterially: “In the last three months, I’ve not taken a penny from NNPC before I met my other obligations.
“Without falling back to the old order, without going into Ways and Means, I’ve met all obligations
“To me, that is excellent.”
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