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Rinu,
Thank you for your question. So in 2007, Soludo and OBJ created a provision in the CBN Act, that allows for the Federal Government to borrow from the Central Bank as a lender of last resort, in case they have a budget shortfall (and there's nowhere else to go)
Thank you for your question. So in 2007, Soludo and OBJ created a provision in the CBN Act, that allows for the Federal Government to borrow from the Central Bank as a lender of last resort, in case they have a budget shortfall (and there's nowhere else to go)
And capped the limit at 5% of the total revenues the government gets from the previous year.
Between 2007 and 2015, President Yar'adua and GEJ took only a combined total of #869bn from this window.
Whereas, in the last 8 Years, President Buhari has collected 23.7 trillion naira
Between 2007 and 2015, President Yar'adua and GEJ took only a combined total of #869bn from this window.
Whereas, in the last 8 Years, President Buhari has collected 23.7 trillion naira
from this window, that has raised the total outstanding stock to 24.5trillion, and that is a 2,819% violation of the 5% cap. Imagine going from 5% to 2,819%.
And this is directly responsible for currency depreciation and devaluation you've seen with the naira, because when a
And this is directly responsible for currency depreciation and devaluation you've seen with the naira, because when a
