The Debt Management Office (DMO) says Nigeria’s total debt rose to N22.4 trillion in the first half of the 2018 financial year.This represents a three percent increase from the N21.68 trillion recorded at end of December 2017.Patience Oniha, director general of the DMO, made the revelation while addressing reporters in Abuja on Tuesday.According to her, the rise in total debt [...]
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Kingsley Fanwo, spokesman to Yayaha Bello, Kogi governor, will not plunge the state into debt.Fanwo said this in reaction to report on how Bello secured loans amounting to over N16bn despite the Paris Club refunds and other federal government bailouts to the state.But speaking with TheCable in an interview, Fanwo said it is normal for governments to borrow.“Borrowing is a [...]
The Asset Management Corporation of Nigeria (AMCON) has taken over Sea Petroleum Oil and Gas Limited and other assets belonging Stella Oduah, senator representing Anambra north, over her inability to clear her N20 billion debt.AMCON said the takeover followed an injunction granted by M.S. Hassan of Lagos federal high court.In a statement by Jude Nwauzor, head, corporate communications, AMCON said [...]
Patience Oniha, director-general, Debt Management Office (DMO), says the federal government has injected N400bn into the economy to service its debt and improve liquidity.Oniha, who spoke in Lagos, said the fund was government’s strategy to reduce its debt profile and reduce interest rate on government’s lending from 18 per cent to 14 per cent.She said this would improve the ability [...]
Sixteen firms have launched a bid to acquire 9mobile, Nigeria’s fourth largest network operator, according to ThisDay.In July, Etisalat Group disclosed on the Abu Dhabi Stock Exchange that it had pulled out of 9mobile, formerly known as Etisalat Nigeria.The telco had defaulted on a loan repayment scheme of $1.2 billion due a consortium of 13 local banks, citing economic downturn and [...]
BudgIT Nigeria, a civic tech organisation, has expressed worries over the increasing rate of debt profile of states.Speaking at the launch of the organisation's state of state report in Abuja on Thursday, Oluseun Onigbinde, BudgIT's lead partner, said the exchange rate has made it difficult to service such loans.He said states' debt rose from N3.03trillion in 2015 to N3.89 trillion in 2016.According [...]
National debt is an emotive issue as well as an economic one. The thought of saddling future generations with unserviceable debt, is not conscionable and certainly not part of the President Muhammadu Buhari-led-administration’s agenda. It is therefore, worthy of an intervention on my part to explain the history, the short-term strategy and the medium to long term outlook for our [...]
The federal executive council (FEC) has approved the payment of N25.99 billion debt owed by ministries, departments, and agencies (MDAs) to electricity distribution companies (DisCos).The amount is part of the N67.41 billion the discos said they were being owed by the MDAs.Babatunde Fashola, minister of power, works and housing, divulged this to state house reporters shortly after the FEC meeting [...]
Kemi Adeosun, the minister of finance, says Nigeria's debt is not too high, but her revenue is just too low.She explained the reason the IMF was concerned over the debt service ratio to revenue of the country.The IMF in its latest economic report, put the country’s external debt service to revenue at about 66 per cent.She said that the country’s [...]
Nigeria's debt profile has risen by approximately N5.4 trillion since President Muhammadu Buhari took office in May, 2015, TheCable can report.According to the Debt Management Office (DMO), Nigeria's debt profile stood at approximately N12.12 trillion as at June 2015, barely a month after the current government took office.But according to the National Bureau of Statistics (NBS) the country's foreign debt [...]
Rauf Aregbesola, governor of Osun state, says the state's debt burden is merely exaggerated, and cannot be compared to what his government has done in the state. Aregbesola said the N165billion debt being touted as huge debt is nothing compared with the development that the state has witnessed in the last six years. A statement by the bureau of communication and strategy, [...]
The Asset Management Corporation of Nigeria (AMCON) says Arik Airline’s debt is more than N300bn and that a large part of it is taxpayers’ funds.The corporation announced its takeover of the management of the airline, which is Nigeria’s largest carrier, in a statement on Thursday.According to AMCON, the airline will now be managed by Roy Ilegbodu, under the receivership of [...]
Udoma Udo Udoma, minister of budget and national planning, was left red-faced on Monday when he was asked about Nigeria's total debt profile.The question was posed at him during the 22nd Nigerian Economic Summit holding place in Abuja.Zain Asher, a CNN Anchor, who is one of the moderators, asked Udoma to divulge the specific figure of Nigeria's debt profile."How much is [...]
Nigeria's debt burden has increased by nearly N4 trillion in the past six months, with potentials of hurting the chances of securing the much-needed foreign loans for implementing 2016 budget.According to the Debt Management Office (DMO) statistics released on Tuesday, Nigeria’s debt profile rose from N12.6 trillion at the end of 2015 to N16.3 trillion as at June 30, 2016.The country’s [...]
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