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…
The Nigeria’s public debt stock which includes external and domestic debt stood at N121.67 trillion ($91.46 billion) in Q1, 2024, rising from N97.34 trillion ($108.23 billion) in Q4 2023, indicating a growth rate of 24.99 percent on a quarter-on-quarter basis.…
The Socio-Economic Rights and Accountability Project (SERAP) has sent a complaint to the World Bank Inspection Panel urging the Panel “to probe allegations of corruption in the spending of the loans and other funding facilities obtained by the Federal Government…
The Director, Special Projects, Federal Ministry of Finance, Aisha Omar, has said the ministry has so far recovered N57 billion from the N5.2 trillion owed by Ministries, Departments and Agencies (MDAs). Omar disclosed this during the Sensitisation Workshop on Federal…
The African Development Bank’s Chief Economist, Kevin Urama, says debt for growth for countries on the continent should not carry any negative connotation. Urama, also the Vice-President Governance and Knowledge Management in AfDB, said this at a pre-media conference held…
Oyo State Government has said that the Accountant-General of the state, Mrs Kikelomo Adegoke, did not contradict the position of Gov. Seyi Makinde on the payment of judgment debt to the sacked local government chairmen and councillors. The News Agency…
The Asset Management Corporation of Nigeria (AMCON) has blamed high interest rates, non-collateral interventions as some of the factors hindering the recovery of N4.7trillion debt owed to the corporation. At at an interactive session with the Management of AMCON led…
The federal government’s debt service to revenue ratio has increased to 183 percent in the first quarter of 2023. This information was revealed in the budget implementation report for the same period.The report highlights that the government had initially budgeted…
Nigeria is currently managing a significant amount of debt owed to the World Bank. According to data obtained from the World Bank’s website, Nigeria is servicing approximately $14.12 billion worth of loans. These loans are spread across 108 approved projects,…
