Tag: Borrowing

“Why are we still borrowing if we”re not paying subsidy?” – Sanusi challenges FG

Aminu Imam
Sanusi challenges FG

…As Akpabio defends debt strategy A growing debate over Nigeria’s fiscal direction has intensified, with the Emir of Kano, Sanusi Lamiɗo Sanusi, questioning the Federal Government’s continued reliance on borrowing despite the removal of petrol subsidy, while Senate President Godswill Akpabio insists the country’s debt remains within sustainable limits. Sanusi, a former governor of the Central Bank of Nigeria (CBN), raised concerns about what he described as inconsistencies in Nigeria’s fiscal management, asking why borrowing persists even after the elimination of a major expenditure burden. Speaking in an interview, he…

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FG plans ₦17.89tr borrowing in 2026

Aminu Imam
FG plans borrowing

…Almost half of its revenue set to pay debt The Federal Government plans to borrow a staggering ₦17.89 trillion in 2026 to fund its budget as revenue projections fall sharply short of expenditure needs.  According to the 2026 Abridged Budget Call Circular from the Ministry of Budget and Economic Planning, new borrowing will surge from ₦10.42 trillion in 2025, marking a 72% increase in fresh loans amid growing concerns over debt sustainability. The sharp rise is driven by a larger fiscal deficit, projected at ₦20.12 trillion in 2026, up from…

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ADC accuses NASS of mortgaging Nigeria’s future by endorsing Tinubu’s borrowing spree

Aminu Imam
ADC accuses NASS

The African Democratic Congress, (ADC), has accused the National Assembly of mortgaging Nigeria’s future by endorsing what it described as President Bola Tinubu’s “unchecked borrowing spree”. In a statement on Tuesday, signed by its National Publicity Secretary, Bolaji Abdullahi, the ADC criticised Speaker Tajudeen Abbas for retracting his earlier remarks on Nigeria’s debt profile. The party said Abbas’s initial admission that the country’s debt-to-GDP ratio had risen to 52% was a “rare moment of honesty” but added that his retraction showed “political cowardice and legislative complicity”. “The Speaker’s statement offered…

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FG moves to check excessive borrowing by States

Aminu Imam

Worried by the indiscriminate borrowing by State governments from banks and the capital market, the Federal Government has commenced a process to check such borrowing. Consequently, the Fiscal Responsibility Commission, (FRC), has issued a guideline on conditions a state government must meet before borrowing from any bank in the country. The Head, Directorate of Legal, Investigation and Enforcement at the Commission, Barrister Charles Abana, disclosed this at the Growth Initiative for Fiscal Transparency, (GIFT) parley with Civil Society Partners, in Abuja, on Monday. The Commission, he said, was shocked to…

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