Sunday, February 9, 2020

Tag "debt"

    Despite $84bn debt, Lai says there’s no cause for alarm

Despite $84bn debt, Lai says there’s no cause for alarm

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 [...]

0 comment Read Full Article
    Zainab Ahmed: Nigeria’s debt service to revenue ratio is higher than desirable

Zainab Ahmed: Nigeria’s debt service to revenue ratio is higher than desirable

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 [...]

0 comment Read Full Article
    Fashola: Nigeria’s high debt profile shouldn’t be an obstacle to $22.7bn loan

Fashola: Nigeria’s high debt profile shouldn’t be an obstacle to $22.7bn loan

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 [...]

0 comment Read Full Article
    ‘You still owe me N200k’ – Stella Dimoko Korkus, Tonto Dikeh fight dirty on Instagram

‘You still owe me N200k’ – Stella Dimoko Korkus, Tonto Dikeh fight dirty on Instagram

[...]

0 comment Read Full Article
    IMF: 40% of African countries are in debt distress

IMF: 40% of African countries are in debt distress

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 [...]

0 comment Read Full Article
    FG to publish details of federal, state debts

FG to publish details of federal, state debts

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 [...]

1 comment Read Full Article
    House of reps probes AMCON’s N5.4trn debt

House of reps probes AMCON’s N5.4trn debt

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 [...]

0 comment Read Full Article
    Nigeria’s problem is revenue not debt, says Zainab Ahmed

Nigeria’s problem is revenue not debt, says Zainab Ahmed

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 [...]

0 comment Read Full Article
    N3.6bn debt: AMCON takes over firm linked to former Benue governor

N3.6bn debt: AMCON takes over firm linked to former Benue governor

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 [...]

0 comment Read Full Article
    Abraham Nwankwo: Infrastructure deficit can be addressed through borrowing

Abraham Nwankwo: Infrastructure deficit can be addressed through borrowing

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 [...]

0 comment Read Full Article
    Reps probe Nigeria’s ‘alarmingly high’ N22trn debt profile

Reps probe Nigeria’s ‘alarmingly high’ N22trn debt profile

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 [...]

0 comment Read Full Article
    IMF: World debt at all-time high… an average of $86k owed per person

IMF: World debt at all-time high… an average of $86k owed per person

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 [...]

0 comment Read Full Article
    IMF: Over 50% of Nigeria’s revenue is used to service debt

IMF: Over 50% of Nigeria’s revenue is used to service debt

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 [...]

0 comment Read Full Article
    BudgIT: $10bn rise in public debt stock is not a full story

BudgIT: $10bn rise in public debt stock is not a full story

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 [...]

0 comment Read Full Article
    Reps approve Buhari’s $2.786bn Eurobond request but ask FG to limit borrowing

Reps approve Buhari’s $2.786bn Eurobond request but ask FG to limit borrowing

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 [...]

0 comment Read Full Article
    Ekiti debt profile hits N120bn as Fayose bows out

Ekiti debt profile hits N120bn as Fayose bows out

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 [...]

0 comment Read Full Article
Advertisement
Advertisement
Advertisement

Advertisement

Exchange Rates

February 04, 2019USDGBPEUR
INTERBANK306397354
LAGOS355444389
KANO354445370
PH355447412
ABUJA356454413
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement