Senator-elect and business mogul, Jimoh Ibrahim, has explained how Nigeria can repay its debts within 90 days.

A leading civic organisation, BudgIT has lamented that President Muhammadu Buhari’s government of eight years had plunged Nigeria into high debt, increasing inflation and low growth.

The Debt Management Office, DMO, yesterday said the nation’s public debt rose by N6.69 trillion or 22.47 per cent to N46. 25 trillion ($103.11 billion) at the end of  2022 from N39. 56 trillion ($95.77 billion) at the end of December 2021, with the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture, NACCIMA, highlighting its risk to the economy.

Vanguard News

By FRANCIS OGBIMI I am usually embarrassed listening to leaders in state and federal governments, business men and business women, lawyers, intellectuals, others, beg and cry for capital investments especially Foreign Direct Investments, FDIs, every hour, every day, in Nigeria. Some state governors travel to Europe, America and Asia to beg Europeans, Americans and Asians […]

The Lagos Chamber of Commerce and Industry, LCCI, the Manufacturers Association of Nigeria, MAN, and economy analysts have warned the Federal Government over the rising debt profile and the deteriorating state of the economy, saying they were problematic to economic development.

African Development Bank, AfDB, President, Akinwumi Adesina, has revealed that Africa’s public debt, currently estimated at $546 billion, represents one-quarter of the continent’s GDP and is higher than the combined total annual government revenues of $501 billion.

Chief Olu Falae has said that there was nothing wrong with a government borrowing, but that the right answers must be provided for “for what purpose?” “from who?” and “what are the terms?”.

By Henry Ojelu A legal practi-tioner, Dr Ted Iseghohi and the Association of Local Governments of Nigeria, ALGON are currently in a bitter legal battle over an alleged $381million judgment debt. While Iseghohi is threatening to drag the ministry of finance to court for not complying with a garnishee order attaching the funds belonging to […]

By Ediri Ejoh The liquidity situation in Nigeria’s power sector has continued to witness downturn as the indebtedness of the Distribution Companies, DISCOs to Nigerian Bulk Electricity Trading Plc, NBET, increased to N510.53billion in 2020, indicating an increase of 11.2 per cent compared to N453.14billion, recorded in the corresponding period of 2019. This debt profile […]

Britain is expected to keep vast emergency financial support propping up the UK’s virus-battered economy when unveiling its annual budget Wednesday, but could also raise tax to fight surging debt. “The key thing is right now to keep supporting the economy… but also level with people,” finance minister Rishi Sunak said Sunday, as Britain from […]

Kenya’s public debt rose by 1.3 trillion shillings ($11.8 billion) in 2020. This is as the east African nation stepped up borrowing in response to the COVID-19 pandemic and implemented various infrastructure projects. The Central Bank, in its weekly update of the financial markets on Friday, noted that the debt rose to $66.1 billion, up […]

Governor Abdullahi Sule of Nasarawa State administration inherited over N50bn debt from the previous administration on assumption of office in 2019. The government is earmarking N7bn as a yearly payment from the 2021 budget for the settlement of the huge inherited debt.

By Elizabeth Adegbesan MONEY MARKET The cost of servicing Nigeria’s public debt has increased quarter-on-quarter (QoQ) by 88.8 percent to N803.69 billion in third quarter of last year (Q3’20), from N425.7 billion in Q2’20. The amount was used to service the country’s debt stock of N32.22 trillion during the review period. The figures in the ‘Nigeria […]