Nigeria to restructure central bank's $53 bln loan to long-term debt

Nigeria will restructure a total of 23.7 trillion naira ($53 billion) short-term loan due to its central bank to 40-year debt at 9% interest, President Muhammadu Buhari said in a letter to parliament seeking approval for the transaction.

Buhari said the government owed 22.7 trillion naira ($51 bln) as at Dec. 19 to the central bank, in so-called ways and means advances, which he described as "short-term or emergency finance to fund delayed government expected cash receipts". In a letter to parliament dated Dec. 20, Buhari sought approval for an extra one trillion naira advance to government from central bank.