Nigeria’s increasing reliance on external borrowing, particularly from the World Bank, has become a focal point of economic discourse. With the World Bank set to approve another $2.2 billion loan in 2025, bringing the country’s total approved loans from the…
The long-standing dispute between telecom companies and financial institutions over the N250bn Unstructured Supplementary Service Data (USSD) debt has finally reached a critical juncture. In a move that underscores the intensifying pressure on telecom operators, the Nigerian Communications Commission (NCC)…
Debt Management Office (DMO) has said that the Federal Government has made adequate budgetary provisions to meet the country’s foreign and local debt obligations. DMO in a statement said Nigeria’s debt management practice is in accordance with relevant legislations and…
Governor Alex Otti of Abia State said his administration had, in 15 months, paid N90 billion out of the N191.2 billion debt inherited from the previous administrations. Also, he disclosed that Abia had recorded $159 million foreign direct investment between…
The Asset Management Corporation of Nigeria (AMCON) has revealed that it has discontinued litigation actions against Heyden Petroleum Limited. The agency in a statement on Tuesday made this known in response to media controversies regarding the status of Heyden in…
The Nigerian government, through the Finance Ministry, has announced that the Nigerian National Petroleum Company Limited (NNPCL) has commenced the process of paying off its debt. The Minister of Finance and Coordinating Minister for the Economy, Wale Edun, made this…
By Seun Ibiyemi Analysis from the Budget Office has shown that Debt servicing in Nigeria gulped 64.5 percent of the Federal Government’s total revenue in 2023. Last year’s figure is higher than the 48.5 percent of total revenue that debt…
Nigeria’s debt to the World Bank has increased by $1.07 billion under President Bola Tinubu’s administration. According to an analysis of data from the Debt Management Office (DMO), the debt rose from $14.51 billion at the end of the second…
Nigeria’s debt to petrol traders has surpassed $6 billion, doubling since early April, as the state oil firm, Nigerian National Petroleum Corporation (NNPC), struggles to cover the gap between fixed pump prices and international fuel costs, according to six industry…
The Debt Management Office says the rise in Nigeria’s public debt stock from N97.34 trillion in December 2023 to N121.67 trillion in March is partly due to exchange rate fluctuations. The Director-General of DMO, Patience Oniha, said this in an…
