News

Abbas: Reckless borrowing must stop — debt already above statutory ceiling

Promise Eze 8 September 2025 0

Abbas Tajudeen, the Speaker of the House of Representatives, has raised alarm over Nigeria’s rising debt profile. He warned that it has crossed the country’s statutory threshold and now threatens fiscal sustainability. He made the remarks on Monday at the opening of the 11th Annual Conference

Features

Nigeria’s Borrowing Crisis: Tinubu’s N45 Trillion Debt Push Suffers Setback

DailyTimesNGR DailyTimesNGR 12 June 2025 0

By Blessing Uma & Godfrey Asuquo President Bola Tinubu’s administration is confronting a growing storm of protest as it seeks approval for an ambitious foreign borrowing plan of approximately ₦45 trillion (over $24 billion) for the 2025 budget. This request, part of the 2024-2026 External Borrowing Rolling Plan, has ignited fierce debate across Nigeria, drawing

Economy

How soaring interest costs push global debt past $100trn

DailyTimesNGR DailyTimesNGR 24 March 2025 0

BY GODWIN ANYEBE Global debt has surged beyond $100 trillion, driven by soaring interest costs that are making borrowing more expensive for governments and corporations. Nearly half of OECD and emerging market government debt will mature by 2027, forcing nations to refinance at significantly higher rates, straining budgets and limiting future spending. The Organisation for

News

Nigeria’s debt burden reduced from 96 to 67 per cent says Kalu

DailyTimesNGR DailyTimesNGR 17 February 2025 0

By Msugh Ityokura The Federal Government has reduced the nation’s debt servicing burden from 96% of its 2023 revenue to 67% under the President Bola Tinubu administration. This significant reduction has created fiscal space for investments in critical sectors such as health, education, and infrastructure, which are essential for achieving the Sustainable Development

Top Stories

Nigeria’s public debt stock increases to N97.34trn in Q4 2023 – NBS

DailyTimesNGR DailyTimesNGR 28 March 2024 0

Nigeria’s public debt stock increased from N87.91 trillion (114.35 billion dollars ) in the third quarter of 2023 to N97.34 trillion (108.23 billion dollars ) in the fourth quarter of 2023. The National Bureau of Statistics (NBS) said this on Tuesday in its Nigerian Domestic and Foreign Debt Report for Q4 2023 released in Abuja. […]

Money

Nigeria’s debt rises by N9.43trn to N97trn in 3-month

DailyTimesNGR DailyTimesNGR 25 March 2024 0

By Temitope Adebayo Nigeria’s public debt stock as of 31 December 2023 was N97.341 trillion, the latest data released by the Debt Management Office (DMO) has revealed. The DMO explained that the amount comprised domestic and external debt stocks of the federal government, the 36 state governments and the Federal Capital Territory (FCT). The debt […]

Top Stories

CSOs urge NASS to revise debt management legal frameworks

DailyTimesNGR DailyTimesNGR 3 February 2024 0

The Civil Society Legislative Advocacy Centre (CISLAC) and Tax Justice and Governance Platform, have urged the National Assembly to revise legal and institutional frameworks related to debt management, emphasising transparency and accountability. Mr Auwal Rafsanjani, Executive Director of CISLAC, made the call at a joint news conference by CISLAC and Tax Justice and

Business

How to ease rising external debt-service pressures in low-income countries

DailyTimesNGR DailyTimesNGR 31 January 2024 0

By Allison Holland & Ceyla Pazarbasioglu As 2024 starts, the good news is that there haven’t been any notable requests by a low-income country for comprehensive debt relief since Ghana’s, more than a year ago. Despite this, vulnerabilities remain, with high debt servicing costs a growing challenge for low-income countries. Debt servicing costs are increasing […]

Business

FG’s debt service to revenue tops 183% in 2023 Q1

DailyTimesNGR DailyTimesNGR 18 October 2023 0

The federal government’s debt service to revenue ratio rose to 183 per cent in the first quarter 2023, data from the Budget Office revealed. A review of the budget implementation report for the first quarter of 2023 released by the budget office indicates total budgeted revenue of N2.16 trillion compared to actual revenue of N1.21 […]

Top Stories

Oil workers bemoan FG’s N77tr debt as Angola displaces Nigeria as Africa’s biggest exporter

Ihesiulo Grace 12 May 2023 0

BY JOY OBAKEYE The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) on Thursday expressed concerns over Nigeria’s N77 trillion public debt. Addressing the 7th triennial national delegates’ conference of the association, its president, Mr Festus Osifo, said the debt profile as at the first quarter of 2023 was mind-blowing. He noted that […]

Top Stories

Nigeria’s public debt hits N44.06trn in Q3 2022

Ihesiulo Grace 31 January 2023 0

Nigeria’s public debt stock stood at N44.06 trillion ($101.91 billion) in the third quarter of 2022, the National Bureau of Statistics (NBS) has said. The bureau, in its Nigerian domestic and foreign debt Q3 2022 report released Monday, said that Nigeria’s public debt stock which includes external and domestic debt rose from N42.84 trillion or […]

Business

Nigeria’s N67.7trn debt to frustrate economic growth In 2023-OPS

Ihesiulo Grace 4 January 2023 0

By Joy Obakeye The Lagos Chamber of Commerce and Industry (LCCI) has expressed worries over the implications of Nigeria’s debt burden and feared that this may cripple efforts to really transform the economy. The chamber, while reviewing the 2022 economy with a projection in 2023, reported that, with the approved plan of the federal government […]

Top Stories

Buhari’s successor to inherit N39.12trn debt as borrowings hit N31trn

Ihesiulo Grace 26 October 2022 0

By Benjamin Omoike and Godwin Anyebe President Muhammadu Buhari will leave a staggering N39.12 trillion debt for the incoming president, as his administration’s borrowings have hit an all-time high of N31 trillion. This is even as the nation’s total external debt is now at $40.06billion as of June 30, 2022, as against the $10.32billion it […]

News

Nigeria’s debt profile to hit N38.68 trillion in 2021

Ihesiulo Grace 4 November 2020 0

By Tunde Opalana Based on existing approvals, Nigeria’s total public debt stock will hit N38.68 trillion by December 31, 2021. This comprises the external and domestic debts of the federal and state governments as well as the Federal Capital Territory (FCT). Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, gave this projection Tuesday […]

News

Chinese loans merely 11.28% of external debt as at March, FG clarifies

Ihesiulo Grace 7 August 2020 0

Federal Government has called for calm over allegations about the conditions attached to Chinese loans received from the Chinese Government and multilateral lenders, stressing that as at March 31, 2020, the total borrowing by Nigeria from China was $3.121 billion.    According to the Federal Ministry of Finance, Budget and National Planning, in a statement […]

News

Argentina to continue talks with creditors after deadline

Ihesiulo Grace 9 May 2020 0

Argentina was on Friday expected to continue negotiations with its international creditors even after the passing of the deadline for its debt restructuring proposal, local media reported. Financial market experts had said there was “an important level of acceptance” of Argentina’s offer, but there was no immediate information on the position of large

Business

Debt in Emerging Developing Economies rises to $55trn in 2018 – World Bank

Ihesiulo Grace 19 December 2019 0

The World Bank Group says debt in Emerging and Developing Economies (EMDEs) rose to a record high of 55 trillion dollars in 2018. The bank made this known in a statement released in Abuja on Thursday. It explained that the development marked an eight-year surge that had been the largest, fastest, and most broad-based in […]

Business Top Stories

Nigeria’s public debt hits N21. 7trn in 2017

Ihesiulo Grace 20 March 2018 0

The Nigeria’s total public debt as at end of 2017, stood at N21.725 trillion, while the composition of the Debt Stock at the same period showed that External Debt was 26.64 per cent of the portfolio, up from 20.04 per cent in 2016, data obtained from the Debt Management Offices (DMO) has revealed. The figures […]

News

Plateau government clarifies issues on debt loan

Ihesiulo Grace 13 March 2018 0

Plateau State Government has said that it has been able to reduce the debt it met by over 50 per cent Commissioner for Information and Communicatis, Mr. Yakubu Dati, in a statement also denied that the state procured a loan of $2 billion. Dati, who was reacting to the recent allegations by the Minister of […]

Features

FG Bonds: Rising debt services cost, declining productions

Ihesiulo Grace 27 December 2017 0

AS the Federal Government continues to crowd out corporate reorganizations from the money market with high interest on treasury bills, OMO, bonds and other financial instruments, debts servicing costs continues to soar, while productivity diminishes. A report released on Friday, 22 December, 2017, which showed that 8 million jobs were lost in Nigeria in 12 […]