The Minister of Finance and Coordinating Minister of the Economy, Wale Edun has revealed that the federal government used part of the Nigerian Treasury Bills and Bonds issued in 2024 to pay down Ways and Means advances from the Central Bank of Nigeria (CBN) by 4.83 trillion naira.

The issue of how much the apex bank advanced to the previous administration has been controversial.

While the federal government reportedly owes the apex bank about 30 trillion naira under the Ways and Means advances, the actual amount is being disputed with the minister recently disclosing that the figures would be audited to authenticate the exact sum being owed.

However, while presenting a paper at the recent Lagos Business School Breakfast Club, Edun revealed that the federal government used part of the NTBs and Bonds issued in 2024 to pay down Ways and Means advances by 4.83 trillion naira.

The upper chamber had on December 30, 2023, following President Bola Ahmed Tinubu’s request, approved and confirmed the securitization of an outstanding 7.3 trillion naira Ways and Means advances