News

[JUST IN] Ways And Means: Senate Increases FG’s Borrowing From 5 to 15% Loan

Published

3 years ago

May 27, 2023

Editor

The Senate has approved the upward review of the Ways and Means loan accessible to the Federal Government from five to 15 per cent.

According to the lawmakers, the very essence of the Bill was to enable the Federal Government to meet its immediate and future obligations in the approval of the ways and means by the National Assembly and advances to the Federal Government by the Central Bank of Nigeria.

According to the Collins dictionary, Ways and Means are the revenues and methods of raising the revenues needed for the functioning of a state or other political unit.

The term “ways and means” was first used in the Parliament of England and refers to the provision of revenue to meet national expenditure requirements and implement the objectives of economic policy.

Also, an expert, the chief executive of Cowry Asset Management, Mr. Johnson Chukwu, defined Ways and Means as the money that the CBN lends to the Federal Government in the meantime to augment spending based on the time the revenue is generated within the same year.

He said, “Ways and Means is a way in which the Federal Government raises funds, by borrowing from the CBN. Such is done either through bonds or Treasury bills.”

According to the CBN Act, the Ways and Means must not exceed five per cent of the previous year’s revenue.

The CBN Act Section 38(2) & (3) states, “that Ways and Means shall not exceed 5% of the previous year’s revenue of the Federal Government.”

The lead debate sponsored by Senator Ibrahim Gobir (Sokoto East-Senate Leader) and was tagged on the Central Bank of Nigeria Act (Amendment) BILL, 2023 (SB. 1125).

He said, “Mr President, my respected colleagues, permit me to lead the debate on this Bill which seeks to amend the Central Bank of Nigeria (CBN) Act to increase the total CBN advances to the Federal Government from five per cent to a maximum of 15 per cent (15%).

“The Bill was read for the first time in this Chamber on Wednesday, May 24, 2023.

“This amendment is very consequential, and it needs the support of us all. This is to enable the Federal Government to embark on very important projects that will inflate and rejig the economy.

“I, therefore, urge you all to support the passage of this bill.”

The PUNCH reports that the Senate recently approved the request of President Muhammadu Buhari to restructure the N22.7 trillion loan from the CBN extended to the Federal Government under its Ways and Means provision.

News

Transfer: Premier League Clubs Scramble For Dele-Bashiru

Published

1 hour ago

May 6, 2026

Editor

Lazio midfielder, Fisayo Dele-Bashiru is a subject of interest from three Premier League clubs, according to Sky Sports.

Lazio reportedly rejected offers from Nottingham Forest and Bournemouth for the Nigeria international in January.

La Biancolesti are bracing for more interest in Dele-Bashiru ahead of the summer transfer window, according to Sky Sports.

The 24-year-old has two years left on his contract with the Serie A club.

The attacking midfielder joined the Rome-based club from Turkish Super Lig outfit Hatayspor in 2024.

He has been a regular feature for Lazio this season.

News

Xenophobic Attacks: Nigerian Students To Picket MTN, MultiChoice, Other Businesses

Published

2 hours ago

May 6, 2026

Editor

The leadership of the National Association of Nigerian Students, NANS South-West Zone D, has announced plans to picket South African companies in Nigeria following the ongoing xenophobic attacks in the country.

DAILY POST reports that some Nigerians were recently killed in South Africa over the violent attacks.

A statement issued to newsmen by Comrade Adeyemo Josiah Kayode, Coordinator, NANS South-West, Zone D, said that the association is mobilizing to take decisive and lawful action by organizing peaceful picketing and mass advocacy against South African business interests operating in Nigeria.

“We categorically state that the continued targeting of Nigerians under any guise is unacceptable and must come to an immediate end.

“This will include major corporations such as MTN Group and MultiChoice Group. It is morally indefensible for businesses to thrive in an environment where the lives of Nigerians are protected, while Nigerians are subjected to fear and violence elsewhere.

“This contradiction will no longer be tolerated,” the statement said.

News

N5m, N10m Zero-interest Loans: SheVentures Opens Applications For Women Entrepreneurs

Published

4 hours ago

May 6, 2026

Editor

First City Monument Bank (FCMB) has opened a new round of applications for its SheVentures proposition, offering zero-interest loans of up to ₦10 million to women entrepreneurs to ease access to working capital and support business growth.

The facility provides loans ranging from ₦500,000 to ₦5 million under a general category, and ₦5 million to ₦10 million for sector-specific businesses, with funding capped at up to 50% of an applicant’s average monthly turnover.

At the centre of the offering is a 0% interest rate, with all charges embedded in a transparent structure.

Repayment is structured over four or six months, allowing businesses to match obligations with their cash flow cycles.

Yemisi Edun, Managing Director and Chief Executive of First City Monument Bank (FCMB), said the initiative reflects a deliberate approach to inclusive growth.

“Inclusive growth requires access to capital and the right conditions for businesses to deploy that capital effectively.

“Women-led enterprises are critical to economic activity, yet they face structural barriers.

This intervention aims to help close that gap by providing financing that supports job creation, business expansion, and long-term sustainability for women entrepreneurs.”

“Access to affordable finance remains a major constraint for women entrepreneurs,” said Nnenna Jacob-Ogogo, Group Head, SheVentures and Impact Segments at First City Monument Bank (FCMB).

“By removing the cost barrier and offering quick, flexible funding, this zero-interest loan is designed to safeguard existing jobs, enable businesses to invest in growth initiatives, and foster resilience in challenging economic conditions.”

Women-owned businesses account for a significant share of Nigeria’s small and medium-sized enterprises but continue to face high borrowing costs and limited access to credit.

Through these efforts, SheVentures tackles persistent financing gaps facing women-led businesses, combining targeted funding with broader support to empower women entrepreneurs, encourage business innovation, and enhance their ability to compete on a national scale.

Applications for the zero-interest loan are now open.Apply now.