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 and General Assembly of the West Africa Association of […]
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 […]
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 […]
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 Goals (SDGs). […]
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. […]
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 […]
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 Governance Platform […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 investment funds, […]
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 […]
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 […]
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 […]
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 […]
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