President Bola Tinubu has requested approval from the house of representatives for an additional $347 million loan to fund the Lagos-Calabar Coastal Highway project. The loan request, part of Nigeria’s revised 2025–2026 borrowing plan, was contained in a letter read by Speaker Abbas Tajudeen during Wednesday’s plenary session. According to Tinubu, the cost of the […]
The Senate has approved President Bola Tinubu’s $21 billion external borrowing plan for the 2025–2026 fiscal years, despite growing concerns over Nigeria’s rising debt profile. The approval followed the consideration of a report by the Senate committee on local and foreign debt, presented by its chairman, Senator Aliyu Wamakko, during Tuesday’s plenary. According to the […]
By Philip Clement, Abuja Concerns by stakeholders, experts and ordinary Nigerians over the country’s rising public debt are mounting. The anxiety comes at a time when the country utilizes a large chunk of its revenue to service debts. For instance, in the 2021Appropriation Act, the Federal Government budgeted N3.12 trillion for debt servicing out of […]
By Philip Clement The Debt Management Office (DMO), has announced that the total public debt stocks of Nigeria is now N31.009 trillion as at June 31, 2020, representing 8.3 per cent rise from N28.628 trillion in March 2020. The DMO in a report said the figure comprised the debt stock of the federal government, the […]