Tag Archives: debt

Nigeria’s 36 states and the Federal Capital Territory as at 31st December 2020 have accumulated a total of $4,773,631,955.06, the Debt Management Office has published. According to the chat, Lagos State accumulated the highest debt which stood at $1.3bn while Taraba State recorded the least which stood at $20.7m. Meanwhile the Federal Government as at same date owed a whopping …

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The cost of servicing government debt in Nigeria is dampening foreign investors’ appetite to inject capital into the country.

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The Senate Committee on Foreign and Local Debts has expressed worry over the rising foreign debt profile of the country and described the trend as very dangerous to the nation’s economy. The panel, therefore, called on well-meaning Nigerians to rise up and condemn the development to avoid a re-colonisation of Nigeria. The Chairman of the committee, Senator Shehu Sani, stated …

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In a move that would enable Asset Management Corporation of Nigeria (AMCON) meet its recovery mandate before its sunset period, the duo of the Chief Justice of Nigeria, Mr. Walter Onnoghen, and the President Court of Appeal, Justice Zainab Bulkachuwa, have called on AMCON to leverage the Alternative Dispute Resolution (ADR) infrastructure, which is now available for use in courts …

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An economist, Prof. Sheriffdeen Tella, on Monday described the nation’s debt stock of N21.73tn as worrisome and urged the Federal Government to stop external borrowing. Tella, a professor of Economics at Olabisi Onabanjo University, Ago-Iwoye, Ogun, expressed his views in an interview with the News Agency of Nigeria in Lagos. He said that the current size of the country’s external debt was …

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The Federal Government spent a total of N3.49tn on domestic debt servicing and payment between January 2015 and September 2017, investigation has shown. In the same period, the country paid a total of $1.07bn (about N326.69bn) to service foreign loans obtained by both the federal and state governments. This shows the wide gap between the size of domestic borrowing and …

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Budget and National Planning Minister, Senator Udoma Udo Udoma has explained that Nigeria’s debt service/revenue ratio appears high because the county is currently facing a revenue challenge. He however pointed out that as revenues improve, the ratio will consequently reduce. The Minister, who was speaking at a Stakeholders’ Dialogue on the Implementation of the Economic Recovery and Growth Plan (ERGP) …

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If the federal and state governments continue to rely heavily on debt instruments for the financing of the country’s infrastructure needs, then, Nigeria’s total debt burden will be hitting the N19tn mark by the end of this year. Based on figures obtained from the Ministry of Budget and National Planning, the country’s total debt stock is expected to rise by …

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