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Tag: States

Finance

States plan N4.3tn borrowing to fund 2026 budgets

Ten Nigerian states are planning to raise about N4.287tn from loans, bonds, grants, capital receipts and public-private partnerships to finance capital projects contained in their 2026 budgets. The states, Lagos, Abia, Ogun, Enugu, Osun, Delta, Sokoto, Edo, Bayelsa and Gombe, collectively presented budgets totalling N14.174tn to their respective Houses of Assembly. An analysis of the […]

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 […]

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States must follow law in borrowing, DMO insists

The Debt Management Office has called on state governments to strictly adhere to the provisions of the Fiscal Responsibility Act and other applicable laws when undertaking borrowing activities. The Director General of the Debt Management Office, Ms Patience Oniha, gave the charge at a workshop on borrowing guidelines organised for officials of state governments in […]

92 million Nigerians without access to electricity - FG
Economy

States oppose Electricity Act amendment over subsidy reintroduction concerns

The Forum of Commissioners of Power and Energy in Nigeria has expressed strong concerns over the proposed Electricity Act (Amendment) Bill, 2025, currently being considered by the Senate. The Forum warned that if passed, the bill could shift more than N5 trillion in unpaid electricity subsidies onto consumers. This warning was issued in a statement […]

36 states spend N139.92bn on external debt in six months
News

36 states spend N139.92bn on external debt in six months

Nigerian states have collectively expended approximately N139.92 billion on servicing external debt during the first half of 2024, according to an analysis of data from the Federal Account Allocation Committee and the National Bureau of Statistics. This figure marks a dramatic 122% increase from the N63.06 billion spent during the same period last year. The […]

Naira devaluation worsens Nigeria's debt woes
News

FG trains 3,000 farmers in 12 states

Three thousand vulnerable farmers in twelve South-West and South-South states have received training and empowerment from the Federal Ministry of Agriculture and Food Security. The PUNCH reported that according to the Federal Ministry of Budget and National Planning, the initiative was carrying out the Agriculture for Food and Jobs Creation Program, which is part of […]

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