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Tag: Debt servicing

Fraud losses decline in Nigerian banks in Q1 2024 - Report
Finance

States, LGs cut bank debt by ₦547.5bn

States and local government councils reduced their bank borrowings by about N547.52bn within one year as inflows from the Federation Account Allocation Committee increased significantly, according to findings by The PUNCH. Data obtained from the Central Bank of Nigeria’s latest Quarterly Statistical Bulletin show that the banking sector’s claims on state governments and local councils […]

Finance

FG spends N8.93trn on debt servicing in nine months

The federal government spent N8.93 trillion on debt servicing from January to September 2024. This represents 61 percent of the N14.55 trillion revenue generated in the period, according to the budget implementation report seen by BusinessDay. A breakdown of the amount showed that debt servicing gulped N2.26 trillion in the first quarter, N3.77 trillion in […]

Railway debt servicing gulped $63m in Q1- DMO
News

Railway debt servicing gulped $63m in Q1- DMO

          The Debt Management Office’s report on Nigeria’s external debt service payments, has revealed that the Federal Government allocated $62.66 million towards servicing railway-related debts in the first quarter of 2023. From January to March 2023, the Nigeria Railway Modernisation Project (specifically the Idu-Kaduna Section) incurred a cost of $23.1 million. […]

Buhari's finance minister confident Nigeria can service N47tn debt
News

Buhari’s finance minister confident Nigeria can service N47tn debt

  The former Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, has stated that Nigeria can still service its N46trn debt. According to The PUNCH, she stated this while speaking at her valedictory ceremony in Abuja. “Despite revenue challenges, government consistently met its debt service commitments, while post-financing assessments showed adequate capacity to […]

The Nigerian Petroleum and Natural Gas Senior Staff Association has written to President Bola Ahmed Tinubu via the Chief of Staff's office to request that the
Economy

FG is drowning in debt servicing – PENGASSAN

Petroleum workers in Nigeria have cautioned about Nigeria’s expanding debt profile, which recently reached N77 trillion after parliament allowed the securitization of CBN Ways and Means loans. Nairametrics reported that they emphasized that borrowed money should not be used for consumption but rather should be put toward business endeavors and the construction of infrastructure. This information […]

Debt
News

Rising debt profile not sustainable, says OPS

  The Lagos Chamber of Industry as well as the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture have stated that the current debt profile is not sustainable. According to The PUNCH, the agency through its Director-General, Patience Oniha, said this during the public presentation of the 2023 budget organised by the Minister […]

News

Nigeria’s debt to hit N77tn, loan servicing N5.2tn

Nigeria’s public debt load could reach N77 trillion if the National Assembly approves the President’s, Major General Muhammadu Buhari (retd.), request to restructure the Ways and Means Advances. According to The PUNCH, the Central Bank of Nigeria uses a borrowing instrument called Thee Ways and Means Advances to pay for budgetary gaps in the government. […]

LCCI warns FG on rising debt
Economy

LCCI warns FG on rising debt

The Lagos Chamber of Commerce and Industry has warned the rising debt stock incurred by the Federal Government is becoming increasingly problematic. Amid dwindling government revenue and the unsustainable burden of subsidy payments, the chamber expressed worries over the debt servicing cost of the government in a statement signed by its president, Michael Olawale-Cole. The […]

Experts slam FG as debt servicing nears N10.43tn
featured

Experts slam FG as debt servicing nears N10.43tn

Experts have slammed the Federal Government following its projection that debt servicing will cost N10.43tn by 2025. According to the 2023-2035 Medium Term Expenditure Framework & Fiscal Strategy Paper, the projection represents a 182.66 per cent increase from the N3.69tn budgeted for debt service in 2022. The PUNCH reported that multilateral agencies and economists have […]

Economy

Debt servicing doubles, hits N896bn in three months – DMO report

Nigeria’s debt-servicing bill has increased by 109 per cent to N896.56bn, according to data obtained from the Debt Management Office. The PUNCH reported that as a result of the aforementioned, the country has also spent N3.83tn on debt servicing payments in 15 months. While a total of N2.93tn was spent on debt servicing payments in […]

How more taxes'll reduce debt load - FG
Economy

Fuel subsidy affecting Nigeria’s debt serving – Minister

The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed had expressed worry over the continuous retention of the controversial fule subsidy regime by the federal government, adding that it is affecting Nigeria’s ability to service its debt. She made the remarks at the hybrid launch of the World Bank’s Nigeria Development Update titled: […]

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