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Tag: Debt

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
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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
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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 […]

Naira fall'll worsen Nigeria’s food, energy crisis — W’Bank
News

Nigeria’s public debt, others hit 50-year high – World Bank

The World Bank Group has said that public debt in Nigeria and other low- and middle-income countries is now at a 50-year high, which is equivalent to more than 200 per cent of government revenues. In a new report titled, “Raising the Bar on Debt Transparency,” the Washington-based bank said with the pandemic-induced economic slowdown, […]

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