Lai Mohammed, minister of information, says there is no cause for alarm over Nigeria's rising debt. Speaking on Monday at a press conference to highlight the administration's major achievements in the year, the minister said the country's total debt is $84 billion. He said the public debt stock is a cumulative figure of borrowings by successive governments over many years. There is currently [...]
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Zainab Ahmed, the minister of finance, budget and national planning, says the country's debt service to revenue ratio is higher than desirable. Ahmed was speaking on Tuesday during a presentation before the house of representatives committee on aids, loans and debt management in Abuja. In her presentation, the minister said the federal government's intended $22.71 billion loan will be gotten from multilateral [...]
Babatunde Fashola, minister of works and housing, says Nigeria can not afford to ignore “life-sustaining” infrastructure amid concerns for high debt profile. Fashola said this on Tuesday when he appeared before the house of representatives joint committee on rules and debt management to defend President Muhammadu Buhari’s loan request of $22.7 billion. The president recently wrote the national assembly to approve the [...]
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Kristalina Georgieva, the managing director of the International Monetary Fund (IMF), says 40% of African countries are in debt distress. Describing Africa as a continent of opportunities and one with many troubles, Georgieva said the focus is to help countries have sound macro-economic policies, improve the investment climate and show it to the rest of the world. "Africa is a continent of opportunities [...]
The federal government says it is working to create a database of all the loans and debts held at national and sub-national levels. Zainab Ahmed, the minister of finance, made this known on Thursday while speaking on a panel at the ongoing annual meetings of the International Monetary Fund and World Bank Group in Washington DC. The session, which was tagged 'Decoding [...]
The house of representatives says it will probe the N5.4 trillion debt portfolio of the Asset Management Corporation of Nigeria (AMCON). At Wednesday’s plenary session, the lower legislative chamber expressed concerns about debtors said to be reluctant to settle their debt. Cornelius Nnaji, a lawmaker from Enugu state had raised an alarm that AMCON has for long been in excess of its [...]
Zainab Ahmed, minister of finance, says Nigeria does not have a debt problem. According to her, what Nigeria has is a revenue problem. As of December 2018, Nigeria's debt profile was N24.387tn. It rose by 12. 25 percent from N21.752tn in 2017. And the country's external debt alone rose to $11.77bn in three years. Speaking with the management staff of the ministry of [...]
The federal high court in Abuja has given the Asset Management Corporation of Nigeria (AMCON) the go-ahead to take over Bao Yao Futurlex Iron & Steel Company Limited and Bao Yao Huan Jian Iron & Steel over a N3.6 billion debt. In a statement released on Sunday, AMCON said Binta Nyako, the presiding judge, also ordered that the accounts of the companies be [...]
Abraham Nwankwo, a former director-general of the Debt Management Office (DMO), says Nigeria’s infrastructure deficit can be addressed with debt financing. Nwankwo, who spoke at the annual lecture of a group known as Just Friends Club of Nigeria (JFCN), said the conclusion that public debt should be used to finance Nigeria’s infrastructure needs “is a paradox because of the existing precarious [...]
The house of representatives has resolved to probe Nigeria's debt profile which lawmakers say is at an "alarmingly high" rate. The lawmakers made the resolution while adopting a motion introduced by Yusuf Tajudeen from Kogi state, during plenary on Thursday. As of June 2018, figures from the Debt Management Office (DMO) show that Nigeria’s external debt profile stands at N22 trillion. In the N8.83 [...]
The International Monetary Fund (IMF) says the world's debt has hit an all-time record of $184 trillion, an upward swing from the $182 trillion reported last week. The figure represents an average of $86,000 debt owed per person, according to a statement issued by Ting Yan, press officer at IMF, on ‘Global Debt Database (GDD) Update’. “Today, the International Monetary Fund updated [...]
Amine Mati, International Monetary Fund (IMF) senior resident representative for Nigeria, says more than 50 percent of Nigeria's revenue is used to service the country's debt He made the remark during a presentation by the International Monetary Fund (IMF) on the economic outlook for sub-Saharan Africa, stating that Nigeria was diverting more resources toward interests payments. He said that although Nigeria’s debt to gross [...]
BudgIT, a civic organisation, says Vice President Yemi Osinbajo's comments on Nigeria's public debt stock does not tell the full story. In a statement released on Tuesday, the organisation said the vice president's statement that the country's debt has only risen by $10 billion is misleading. "The Debt Management Office figures showed that FG external debt alone grew from $7.34bn in June 2015 [...]
The house of representatives has approved the $2.786 billion loan request of President Muhammadu Buhari for part funding of the 2018 budget. The lower legislative chamber also approved $82.54 million request to refinance the balance of $500 million eurobond in the international capital market. The lawmakers approved the request on Tuesday following consideration of report of the committee on aids, loans and [...]
The debt profile of Ekiti state which was N117 billion at the beginning of the year has risen to N120 billion. According to a document forwarded to the debt management office by the outgoing state government, the state incurred additional debt of N3 billion between March and June this year. In September, Kayode Fayemi, governor-elect of Ekiti state, had raised an alarm [...]
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