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Tag: Debt

CBN halts cash payment for travel allowance fees
News

Nigeria’s debt could hit N160.6tn by year-end, stockbrokers warn

Nigeria’s total public debt may surge to N160.6 trillion by the end of 2025, raising fresh concerns over the country’s fiscal sustainability, according to a new report by CSL Stockbrokers Limited. In its 2025 second-half economic outlook, the financial services firm—a subsidiary of FCMB Group Plc—projects that the Federal Government may be forced to borrow […]

Nigeria’s debt crisis deepens as FG borrows N10.85trn in four months
News

Nigeria’s debt crisis deepens as FG borrows N10.85trn in four months

Nigeria’s debt crisis is worsening, with the Federal Government borrowing a staggering N10.85 trillion from domestic sources between January and April 2025, according to fresh data from the Debt Management Office. The surge in borrowing comes amid a 48.6% year-on-year spike in total public debt, which reached N144.66 trillion in 2024. Of this, the FG […]

News

Paris Club cancels 99% Somalia debt

The Paris Club of creditors has reached an agreement with the government of Somalia to cancel up to $2 billion of the country’s debt, approximately 99 % of which is owed by the country to the group. This was disclosed in a statement from the group yesterday where it stated it will forgive the country’s […]

NCC orders MTN to disconnect Globacom amid interconnect debt dispute
Telecommunications

NCC orders MTN to disconnect Globacom amid interconnect debt dispute

The Nigerian Communications Commission has authorized MTN to disconnect Globacom partially due to the former’s failure to pay interconnect debt. According to Nairametrics, Globacom subscribers will be unable to make calls to any MTN number as a result of the partial disconnection. Glo consumers, however, can receive inbound calls from MTN customers. The NCC made the announcement […]

Manufacturers warn price hikes to persist without solutions
Business

Manufacturers urge FG to clear $7bn debt

The Manufacturers Association of Nigeria has requested the Federal Government to resolve the present $7 billion Forex backlog. The PUNCH reported that MAN has stated that 2024 may not be a good year for manufacturers and that the first six months of the year will be difficult for industry players. The association’s Director-General announced this in […]

Nigerian startups owe $415m 10-year debt – Report
featured News Tech

Nigerian startups owe $415m 10-year debt – Report

Briter Bridges, a research and market intelligence company which focuses on developing nations, has stated that approximately $415 million has been borrowed by Nigerian digital entrepreneurs over the past ten years. According to the report “Debt Financing in Africa’s Innovative Ecosystem,” between 2014 and 2023, African startups as a whole borrowed a total of $2.1 […]

NNPCL fuel subsidy gains not fully remitted - World Bank
Business

Debt crisis looms for developing countries — Report

Nigeria and 121 other developing nations paid over $443.5 billion in interest on their public foreign debt in 2022, according to a recent World Bank analysis. The Times reported that these nations spread across Europe, East and Central Asia, Latin America, North Africa, and Sub-Saharan Africa. The world’s poorest nations are facing a debt crisis, […]

NNPCL fuel subsidy gains not fully remitted - World Bank
featured

How personnel costs, debt servicing surpassed 2022 FG’s revenue – W’Bank

A report from the World Bank has shown that for the first time, the Federal Government’s spending on personnel costs and debt servicing in 2022 exceeded its total revenue. The Punch reported that this information was revealed in the Nigeria Development Update for June 2023. During the time period under study, the Federal Government used 102% of its […]

Director-General of the World Trade Organization, Ngozi Okonjo-Iweala
Business

Watch your debt profiles, Ngozi Okonjo-Iweala advises Nigerian govs

The Director General of the World Trade Organization, Ngozi Okonjo-Iweala, has cautioned the governors of Nigeria’s 36 states to avoid taking on debt that could impede their efforts to deliver the benefits of democracy to their constituents. According to The Punch, Okonjo-Iweala made this statement during the Nigeria Governors’ Forum’s induction program for newly elected […]

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 […]

Experts warn FG against further violation of debt limit
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Experts warn FG against further violation of debt limit

The Nigerian government has been cautioned by a professor of capital markets, Uche Uwaleke, against continuing to exceed the permissible cap on how much money it can borrow from the Central Bank of Nigeria, as specified in the CBN Act. According to The Whistler, Nigeria’s overall debt has increased by 32.5%, from N46.25 trillion ($103.1 billion) to N68.9 […]

Buhari
featured

Nigeria ranks fourth on World Bank debtors’ list

Nigeria under the regime of the President, Major General Muhammadu Buhari(retd), currently ranks fourth on the World Bank’s top 10 International Development Association borrowers’ list. Rising debt has pushed Nigeria from the fifth position with $11.7bn IDA debt stock as of June 30, 2021 on the World Bank Fiscal Year 2021 audited financial statements, known […]

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