National Assembly Resumes, with a Priority on Restructuring the N23.7tn Loan.

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The National Assembly will reconvene after its holiday recess to address outstanding matters of national importance, including the president’s request, Major General Muhammadu Buhari (retd.), Buhari had asked the Senate and the House of Representatives to approve the restructuring of the WMAs given to the Federal Government by the CBN a few days earlier, noting that the remaining balance as of December 19, 2022 was N23,719,703,774,306.90.

The presidential request has not yet been taken up by the House, but on December 28, 2022, the Senate gave it accelerated processing, which led to a setback. Buhari later warned that if the National Assembly rejected a request for a loan-to-bond swap, the nation would pay N1.8 trillion in additional interest this year.

Some members of the House stated that the domestic borrowing not only breached the CBN Act but also the Fiscal Responsibility Act. Others, however, argued that the government must borrow to make life easier for the people.


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