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News

FG to raise N150bn from bond market in Sept 2024

The Federal Government, via the Debt Management Office is set to raise N150 billion from the bond market in September 2024. This issuance is part of a broader borrowing strategy aimed at bridging the budget deficit. The auction, scheduled for September 23, 2024, is offering one of the smallest in 2024, representing a 21% decrease […]

Economy

Nigeria’s public debt soars to N97.34tn — DMO report

The Debt Management Office of Nigeria has revealed that Nigeria’s public debt has surged to N97.34tn as of the fourth quarter of 2023. This was disclosed by DMO in a statement on Friday, according to The Punch. One way that countries can get extra funding to boost their economies is through government debt. This way, […]

FG recovered N58bn from 7,000 debtors - Report
News

FG recovered N58bn from 7,000 debtors – Report

  In over 946 ministries, divisions, and organisations across the country, the Federal Government has taken action against its debtors and has so far recovered N58 billion from 7,000 debtors. According to The PUNCH, this was disclosed in a report presented by the director, Federal Ministry of Finance, Budget, and National Planning (Special Projects), Victor […]

Economy

Buhari regime to leave N77trn debt – DMO

The Debt Management Office has declared that the outgoing administration of the President, Major General Muhammadu Buhari (Ret’d.), will be leaving behind a debt of ₦77 trillion.   The Director General of the DMO, Patience Oniha, said this at the “Public Presentation and Breakdown of the Highlights of the 2023 Appropriation Act” in Abuja on […]

Investment

DMO announce 2023’s first savings bond offer

The Debt Management Office has announced two Federal Government Savings Bonds for subscription as its first bonds issuance for 2023.   In a statement on Monday, the DMO announced that one is a two-year FGN Savings Bond due in January 11, 2025, at the interest rate of 9.600 per cent per annum, while the other […]

News

Rising debt affecting investment in infrastructure, others – DMO

The Director General of the Debt Management Office, Patience Oniha, has said that high debt levels lead to high debt services and affect investment in infrastructure. This is according to a document by her, which was presented during a workshop for civil society organisations organised by the SFTAS programme coordination unit held in Abuja on […]

Debt
Economy

Debt servicing draws Nigeria closer to Lebanon crisis

Nigeria is edging closer to a Lebanon financial crisis that has caused the country to see a high rate of poverty, inflation, and emigration. BusinessDay, citing new projections by the International Monetary Fund, reported that Nigeria could be spending 100 per cent of its revenues servicing debt by 2026. Nigeria’s debt servicing cost as a […]

Economy News

How Nigeria can lower debt service-to-revenue –DMO

The Debt Management Office has said that Nigeria can lower its debt service-to-revenue ratio if it generates higher revenue like Ghana, Kenya, and Angola. According to the DMO, while Nigeria has a revenue-to-Gross Domestic Product ratio of nine per cent, Ghana, Kenya and Angola have a revenue-to-GDP ratio of 12.5 per cent, 16.6 per cent, […]

Economy

Rising govt debt caused by increasing budget deficit - DMO

The Debt Management Office has said that the reason for Nigeria’s rising government debt levels is due to increasing budget deficits over the years. This was disclosed by the Director-General of DMO, Patience Oniha in an interview with the News Agency of Nigeria in Abuja on Friday. She revealed that economic diversification and productivity will […]

Economy

Govt borrowings not necessarily bad -DMO

The Director-General of the Debt Management Office, Patience Oniha, has said borrowings by countries to finance budget deficits and critical infrastructure is not necessarily a bad idea. The DG disclosed this in an interview with the News Agency of Nigeria on Thursday in Lagos, while speaking during an awareness programme on security issuance organised by […]

Economy

Lagos, Ogun, Rivers lead as states’ debts hit N6.43tn in 2021

The domestic debts owed by state governments and the Federal Capital Territory Administration rose to N6.43tn at the end of 2021. While sub-national domestic debt stock was N4.46tn, the sub-national external debt stock was N1.97tn in 2021. Lagos, Ogun and Rivers became the three most indebted states, according to the latest data from the Debt […]

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