Nigeria will pay 1.8 trillion naira ($4 billion) extra interest in 2023 if parliament rejects a loan-to-bond swap request on the central bank's overdrafts to the government, President Muhammadu Buhari said on Tuesday after signing the 2023 budget into law.
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.
Lawmakers increased the size of the 2023 budget by 6.4% to 21.83 trillion naira after they raised the oil price assumption to $75 a barrel from $70. Having completed the maximum two terms allowed by the constitution, Buhari is not standing for re-election. The International Monetary Fund has urged Nigeria to phase out central bank financing of the government to help reduce double-digit inflation.
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