Nigerian parliament lifts central bank financing limit

Central bank has lent government tens of billions as fiscal problems mount

Central Bank of Nigeria
The Central Bank of Nigeria
Wikimedia/Commons/Godwin Paya

Nigeria’s parliament voted on May 28 to treble the amount the government can legally borrow from the central bank, shortly before the new president took office.

The government can now borrow an amount of up to 15% of its annual tax revenue from the central bank, up from 5%. Both houses of the National Assembly changed the law in an emergency session the day before Bola Tinubu became president.

Previous president Muhammadu Buhari’s government borrowed sums from the central bank much larger than

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