Nigeria would pay N1.8 trillion extra interest in 2023-says Buhari.

President Muhammadu Buhari says Nigeria would pay N1.8 trillion extra interest in 2023 if the National Assembly rejected a loan-to-bond swap request on the Central Bank of Nigeria’s overdrafts to the government.

Buhari stated this during the signing into law of the 2023 budget of N21.83 trillion at the Council Chambers of the Presidential Villa in Abuja.

The Senate, last week, delayed a decision on the president’s request to convert $53 billion worth of central bank overdrafts to the government into 40-year bonds after some lawmakers questioned the plan.

The President said the government is currently paying a three per cent margin above the central bank’s lending rate of 16.5 per cent but his administration had negotiated a rate of nine per cent for the bonds.