Nigeria appoints local banks for 3.4 trln naira note issue programme

ABUJA, April 3 (Reuters) – Nigeria has appointed local banks for a 3.4 trillion naira promissory note issue programme to settle the backlog of state obligations, the finance minister said on Wednesday.

Zainab Ahmed presented a memo to cabinet on Wednesday seeking approval for the notes, which she said would help revive an economy which has faced low growth since emerging from its first recession in 25 years in 2017.

The obligations to be settled by the government include pension liabilities, unpaid salaries and accrued fuel supply interest, according to her memo seen by Reuters.

Reporting by Felix Onuah;
Writing by Chijioke Ohuocha;
Editing by Alison Williams

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