Cardoso’s CBN cuts government advances by 58%, signaling new fiscal discipline
- Governor Yemi Cardoso leads the Central Bank of Nigeria in reducing direct lending to the federal government.
- Ways and Means advances decreased by 58% to ₦3.26 trillion in 2024 from ₦7.94 trillion in 2023.
- The previous CBN Governor Godwin Emefiele oversaw a dramatic increase in reliance on Ways and Means financing, peaking at ₦23.3 trillion.
The reduction in Ways and Means advances is a commendable step towards improving fiscal management in Nigeria. However, the government must address the underlying economic issues, such as budget deficits and inflation, to ensure sustainable growth. Continuous transparency and accountability in the Central Bank's operations will be essential for restoring public trust and economic stability.
