A man counts Nigerian naira notes in a market place as people struggle with the economic hardship and cashflow problems ahead of Nigeria's Presidential elections, in Yola, Nigeria, February 22, 2023. REUTERS/Esa Alexanderto restructure 23.7 trillion naira in short-term loans due to the central bank to long-term debt, a day after the Senate gave its consent.
In December, President Muhammadu Buhari asked parliament to restructure the loans from the central bank. A report by a Senate panel on Wednesday showed the money was used to support state governments and fund operations of the federal government, and recommended senators to agree to convert the loans to 40-year debt at 9% interest.
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