Govt borrowing increased by N700bn in four months —Sanusi

Govt borrowing increased by N700bn in four months —Sanusi
May 27, 2013 Leaders Hub

The Governor, Central Bank of Nigeria, Mr. Lamido Sanusi, has said that  government increased its borrowing in securities by N700bn in four months.

The governor disclosed on Thursday in Lagos that government also reduced its savings to commercial banks and with the CBN by about N1.4tn during the same period.

He said, “Between December 31, 2012 to April 30, 2013, government increased its borrowing in securities by N700bn. It reduced its savings to commercial banks and the CBN by about N1.4tn. Technically, the government has spent more than N2tn in four months, which is a lot of money.”

Source: Punch

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