The National Bureau of Statistics (NBS), yesterday, said that Nigeria’s foreign debt at the end of the first half of 2018 (H1’18) stood at $22.08 billion. This represents a 17 percent rise over the $18.9 billion recorded at the end of 2017. The breakdown, according to NBS foreign and domestic debt report for second quarter […]
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Nigeria will consider raising $2.5 billion through eurobonds in the first quarter to refinance a portion of its domestic treasury bill portfolio at lower cost, the Head of the Debt Management Office (DMO), Patience Oniha, told Reuters on Thursday. Oniha said the country will also try to get back into the JP Morgan Government Bond […]
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Minister of Budget and National Planning, Senator Udoma Udo Udoma, has said that the Federal Government will not jettison its plan to borrow the sum of ₦2 trillion to finance the 2017 Budget despite Nigeria’s local and foreign debt currently standing at ₦19 trillion. Speaking to newsmen after appearing before the National Working Committee of […]
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The Nigerian National Petroleum Corporation has finally offset its indebtedness of ₦450bn to the Federation Account. The Permanent Secretary, Federal Ministry of Finance, Mahmoud Isa-Dutse, confirmed the development at a media briefing shortly after the Federation Accounts Allocation Committee meeting in Abuja on Thursday. The ₦450bn indebtedness has been a subject of controversy since 2010 […]
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Etisalat Nigeria has initiated changes to its shareholding structure after talks with lenders to restructure a $1.2 billion debt failed, the company said on Tuesday. The telecoms firm has been in talks with Nigerian banks to restructure its loan after missing repayments but those discussions failed to produce an agreement, Abu Dhabi listed Etisalat said. […]
Read More Etisalat Nigeria has said it is expecting the closure of discussion about the resolution of issues around its $1.2billion indebtedness to a consortium of local lenders this week. Its Vice President, Regulatory & Corporate Affairs, Ibrahim Dikko, said the telco was aware of news reports that Mubadala Development Company, the majority shareholder of the company, […]
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The Asset Management Corporation of Nigeria today took possession of some multi-billion naira properties in Lagos and Ogun states from three property firms and eight others due to an alleged ₦4.68bn bank debt. The assets including land, houses, cars and generators were seized in execution of a Federal High Court order authorising the receiver/manager, Lanre […]
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The Nigeria’s total indebtedness ranging from foreign to local creditors upsurges to a total of ₦19.16tn, the Debt Management Office has said. This is ₦1.8tn increase from the ₦17.36tn recorded at the end of December 2016. As of March 31, 2015, the country’s total debt stood at ₦12.06tn. This means the debt level increased by ₦7.1tn […]
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The National Bureau of Statistics (NBS) said Nigeria’s foreign debt stood at $11.41 billion (₦3.49tn) while the domestic debts was ₦14.02 trillion in 2016. The NBS stated in “Nigerian Domestic and Foreign Debt – 2016” data posted on its website on Wednesday in Abuja, that the sum reflected states’ and federal debt stock. The report […]
Read More Analysts have cautioned the government against plunging the nation into another debt trap, even as there are plans to raise funds from external sources to finance critical infrastructure, IFEANYI ONUBA of Punchng writes If the federal and state governments continue to rely heavily on debt instruments for the financing of the country’s infrastructure needs, then, […]
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Vice President Yemi Osinbajo, has assured that the Federal Government was actively exploring options on how best to liquidate the debts owed contractors across the country, including the use of bonds. The Federal Government was owing over N2 trillion to contractors mainly on road construction. Osinbajo disclosed this when he met with members of the […]
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The Governor of Bayelsa State, Mr. Seriake Dickson, has said that a former Governor of the state, Chief Timipre Sylva, is still owing him N500,000 judgment debt since 2012. Dickson, who revealed this in a statement on Monday by his Chief Press Secretary, Mr. Daniel Iworiso-Markson, said that Sylva, who allegedly held the Supreme Court […]
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