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 [...]
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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 debtHe 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 [...]
Patience Oniha, director general of the Debt Management Office (DMO), says the federal government is working on generating long-term revenue to avoid a debt crisis.Addressing journalists on the sidelines of the ongoing annual meetings of the International Monetary Fund and World Bank Group, Oniha said Nigeria is not currently experiencing a debt crisis."Debt crisis means your ability to service your [...]
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 [...]
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 [...]
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