Home Business PRESIDENT BUHARI GIVES REASON FOR CENTRAL BANK LOAN RESTRUCTURE.

PRESIDENT BUHARI GIVES REASON FOR CENTRAL BANK LOAN RESTRUCTURE.

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President Muhammadu Buhari has explained his administration’s push for the restructuring of the twenty-three point seven trillion naira overdraft loans taken from the Central Bank of Nigeria.

Buhari warned that if the National Assembly failed to approve the conversion of the overdraft loans into standardised bonds, the government would pay an additional one point eight trillion naira interest to service the apex bank’s loans.

According to him, this will further compound the country’s debt crisis.

He said approving his request by the National Assembly would be in the overall interest of the economy.

The President spoke while signing the eighth and final annual budget of his administration.

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