Ruth Olurounbi

The Central Bank of Nigeria is set to extend its steepest phase of monetary tightening to contain inflation and attract investors back into local debt, while holding off on a widely-expected currency devaluation until later in the year.

Nigeria’s president-elect left the country Tuesday to rest after his recent electoral campaign, his office said.

The World Bank funds will be distributed to as many as 50 million people and the country is hoping to raise more resources to extend its support beyond cash transfers, Ahmed said.

Annual inflation in Africa’s biggest economy quickened to 22% in March from 21.9% in February, according to data published on the National Bureau of Statistics’ website Saturday. The median estimate of eight economists in a Bloomberg survey was 21.8%.

Nigerian lawmakers approved President Muhammadu Buhari’s request to convert 22.7 trillion naira ($49 billion) loans from the central bank into bonds that will be repaid over several decades.

(Bloomberg) -- Nigeria’s debt burden is poised to jump 50% after the nation’s parliament approved President Muhammadu Buhari’s request to convert 22.7 trillion naira ($49 billion) of loans from the central bank into bonds.Most Read from BloombergPeter Thiel Says Moving to Florida from Silicon Valley Is Too ExpensiveChina Takes the Yuan Global in Bid to Repel a Weaponized DollarTD, First Horizon End $13 Billion Merger as Regulators StallApple’s iPhone Bounces Back, Helping Sales Top EstimatesZele

Nigeria’s inflation rate rose for a fourth-straight month in April, increasing the odds of a rate hike next week.

The Central Bank of Nigeria is expected to raise interest rates for a seventh consecutive meeting on Wednesday, seeking to curb stubbornly high inflation that will likely stay elevated due to the planned scrapping of a costly fuel subsidy.

From the economy to security, Buhari’s legacy will be one of missteps and misdeeds, analysts say as he hands over power.

The Nigerian National Petroleum Co. said it’s owed more than $6 billion by the country’s government that the firm has spent to keep gasoline cheap, a day after newly sworn-in President Bola Tinubu announced an end to the subsidy program.