Amid Nigeria’s surging debt profile, the House of Representatives has approved the request by President Muhammadu Buhari to convert the N23.7 trillion “ways and means” loan to a long-term bond.
The total ways and means loan amounts to N23,719,703,774,306.90 while the duration of the bond is 40 years at the rate of nine per cent per annum. The bond has a moratorium of three years.
The lower chamber gave the approval on Thursday following the consideration of the report presented by the House Committees on Finance, Banking and Currency and Aids, Loans and Debt Management.
