ABUJA – Nigeria will restructure a total of 23.7 trillion naira ($53 billion) short-term loan due to its central bank to 40-year debt at 9% interest, President Muhammadu Buhari said in a letter to parliament seeking approval for the transaction.
Buhari said the government owed 22.7 trillion naira ($51 bln) as at Dec. 19 to the central bank, in so-called ways and means advances, which he described as “short-term or emergency finance to fund delayed government expected cash receipts”.
In a letter to parliament dated Dec. 20, Buhari sought approval for an extra one trillion naira advance to government from central bank.
(Reporting by Camillus Eboh Writing by Chijioke Ohuocha Editing by James Macharia Chege)
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