The president also requested approvals to convert the temporary advance into 40-year bonds at 9% interest to cut interest payments but lawmakers questioned the plan. The lawmakers said on Tuesday that they would discuss with officials on the plan to turn the central bank borrowings to government into long-term debt. Lawmakers at the upper house of parliament, who are currently on recess to campaign for elections due in March, will need to approve the borrowing plan for it to become law. Buhari has said the country will pay 1.8 trillion naira ($4 billion) in extra interest in 2023 if parliament rejects the loan-to-bond swap. ($1 = 460.02 naira) (Reporting by Camillus Eboh; Writing by Chijioke Ohuocha; Editing by James Macharia Chege and Jonathan Oatis)
Reuters Messaging: chijioke.ohuocha.thomsonreuters@reuters.net)) (Adds details, background)
By Camillus Eboh
ABUJA, Jan 31 (Reuters) - Nigeria's lower house of
parliament has approved President Muhammadu Buhari's request to
borrow an extra $2.2 billion in temporary advances from the
country's central bank to help plug gaps in last year's budget,
lawmakers said on Tuesday.
Buhari asked parliament in December for approval to borrow
an extra 1 trillion naira in so called 'ways and means' advances
from the central bank, taking the government's total borrowing
to 23.7 trillion naira ($52 billion).
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