- Nation seeks lawmakers’ nod to convert loans to 40-year bonds

- Loan conversion raises country’s total debt stock by 54%

Nigeria is seeking lawmakers’ approval to take on an additional loan from the central bank that would increase the government’s obligation to 23.7 trillion naira ($52 billion), putting further pressure on public finances. 

The administration also asked that senators allow for the restructuring of the so-called ways and means borrowing from the Central Bank of Nigeria, converting the debt to 40-year bonds at 9% interest, Senate President Ahmed Lawan told lawmakers on Wednesday, citing a letter from President Muhammadu Buhari.  

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The post Central Bank Lending to Nigeria Poised to Jump to $52bn first appeared in Bloomberg on December 21, 2022.