New data released by the Central Bank of Nigeria (CBN) reveals that the Federal Government borrowed an additional N3.8 trillion in the last six months of 2023, through what appears to be fresh Ways and Means borrowing.

This contradicts claims by the Minister of Finance, Wale Edun, that the government had not borrowed from the CBN. The CBN's provisional data indicates a total increase from N4.4 trillion to N8.2 trillion by December 2023.

The balances were initially part of the federal government's domestic debt profile, totaling N26.95 trillion in May 2023. However, from July 2023, the balances steadily increased every month, reaching N8.21 trillion by December, marking an 88 percent increase in six months.