President Muhammadu Buhari disclosed that the Central Bank of Nigeria (CBN) will have to be paid N1.8 trillion if the National Assembly doesn’t restructure the N23.7 trillion loan obtained from the apex bank.

Buhari said the government is currently paying three per cent more than the 16.5 per cent interest rate offered by the central bank, as such, there’s a need to restructure the loan into bonds. 

He explained that the central bank has agreed to accept nine per cent interest on the debt repayable in 40 years if the loan is transformed into bonds. 

“I also urge the national assembly to reconsider its position on my proposal to securitise the federal government’s outstanding Ways and Means balance at the Central Bank of Nigeria (CBN),” Buhari said.