President Bola Tinubu will not go above statutory limits in obtaining budget support facilities from the Central Bank of Nigeria through the Ways and Means Advances.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said this on Saturday in Marrakech, Morocco.
Speaking at the ongoing World Bank/International Monetary Fund Annual Meetings, Edun said Tinubu was committed to “keeping with the spirit and the letter” of autonomy of the CBN.
The News Agency of Nigeria reports that stakeholders and financial experts had criticised former President Muhammadu Buhari for worsening the country’s debt burden by obtaining more than N22.7 trillion in Ways and Means Advances from the apex bank.
Edun, however, said the country was discussing with the World Bank for a $1.5 billion budget support.
He said: “The World Bank is the number one development bank that helps developing countries to fund their projects and programmes.
“We are happy that the funding will come in soon.
“World Bank money is the cheapest.”
The Minister said that the government was also concerned about financing.
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He added: “About $1 trillion is needed to meet the target of climate change globally.
“These is a climate financing fund, which is relatively cheap.
“There is also a commitment to help Africa and the Third World with climate transition because they are not responsible for climate change in any substantial way.
“One of the ways to help them is through climate financing and we will be looking at green bond and more climate financing options.”
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