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US launches online portal to report visa fraud, misuse

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Business

Tag: Debt

Finance

Anambra govt, Obi clash over inherited debt records

The Anambra State Government has challenged former Governor Peter Obi’s claim that he left more than N2.13 billion in an ecological fund account before leaving office in 2014, saying the First Bank account he identified was not an ecological fund account and had never contained the amount he cited. The state Commissioner for Information and […]

Economy

Fitch warns Nigeria’s $5bn swap deal carries major debt risks

Fitch Ratings has warned that Nigeria’s proposed $5 billion Total Return Swap could expose the country to significant debt management, liquidity and future debt restructuring risks. The warning was contained in Fitch’s latest special report, titled “Sovereign Total Return Swaps and Repo Transactions: Q&A 2026”. The rating agency said that while TRS transactions could give […]

Oil and Gas

Auditor-General uncovers ₦432bn debt owed to NMDPRA by marketers

The Nigerian Midstream and Downstream Petroleum Regulatory Authority is facing renewed scrutiny after the Office of the Auditor-General for the Federation uncovered more than N432 billion in unpaid debts, statutory levies and other outstanding obligations linked to petroleum marketers. The bulk of the liabilities, amounting to N431.01 billion, consisted of legacy National Transport Average and […]

Policy and Regulations

NISO threatens sanctions over DisCos’ unpaid market debts

The Nigerian Independent System Operator has threatened to sanction some electricity distribution companies after rejecting payment proposals submitted by the DisCos for settling their outstanding obligations to the Nigerian Electricity Market and service providers. NISO said the proposals were considered unacceptable, particularly given the magnitude and age of the outstanding debts, following a four-day public […]

Business

Geregu Power assures stakeholders amid debt concerns

Geregu Power Plc has moved to reassure shareholders, investors, regulators and other stakeholders over concerns surrounding its bond repayment obligations, saying it is reviewing its financial commitments and remains committed to resolving outstanding challenges. The company’s clarification followed recent online publications raising concerns about its ability to meet its bond repayment obligations. Vanguard reported that […]

featured Finance

Taraba owes ₦85.51bn not ₦1.2tn, commissioner cites official DMO figures

The Taraba State Commissioner for Budget and Economic Planning, Sarah Adi, has dismissed claims that the state currently carries a debt burden of about ₦1.2tn, saying the figure does not reflect the state’s debt stock contained in the latest publicly available records of the Debt Management Office. Adi made the clarification during a fiscal briefing […]

Finance

FG clears over ₦700bn contractor debts

The Federal Government has processed payments exceeding N700bn in verified obligations owed to local contractors over the past few months, including N436.6bn disbursed in May alone, as part of efforts to clear long-standing debts and stimulate economic activity. The PUNCH reported that the Federal Ministry of Finance disclosed this in a statement issued on Monday […]

Business

Top 10 FMCG firms incur ₦1.963trn debt in 2025

Analysis of the audited 2025 full-year financial statements of top ten Fast-Moving Consumer Goods companies in Nigeria has revealed that the firms incurred a combined debt burden of about N1.963 trillion, underscoring the mounting pressure facing operators in the consumer goods sector amid soaring inflation, rising interest rates and foreign exchange volatility. Vanguard reported that […]

Economy

IMF forecasts Nigeria’s debt ratio drop to 32.3% in 2026

The International Monetary Fund projects Nigeria’s debt-to-GDP ratio will decline to 32.3 per cent in 2026, from 35.5 per cent in 2025, before rising slightly to 33.1 per cent in 2027. The fund disclosed this in its Fiscal Monitor report released on Wednesday at the ongoing IMF/World Bank Spring Meetings in Washington, D.C., pointing to […]

Oil and Gas

Tinubu writes off $1.42bn, N5.57tn NNPCL debts

President Bola Tinubu has approved the cancellation of a large portion of the debts owed by the Nigerian National Petroleum Company Limited to the Federation Account, wiping off about $1.42bn and N5.57tn following a reconciliation of records between both parties. The approval is contained in a document prepared by the Nigerian Upstream Petroleum Regulatory Commission […]

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