Tag: DEBT

FG seeks fresh $1.75bn World Bank loan despite announcing revenue growth

Aminu Imam
DMO on debt

The Federal Government is preparing to secure fresh financing from the World Bank to the tune of $1.75bn, even after celebrating a sharp increase in national revenues. Recall that President Bola Tinubu had on Tuesday declared that Nigeria had already surpassed its 2025 revenue targets. The Presidency, in its clarification of the President’s claim, said Nigeria raked-in ₦20.59trillion between January and August 2025, representing a 40.5% jump compared to ₦14.6tr recorded in the same period last year. According to Special Adviser to the President on Information and Strategy, Bayo Onanuga,…

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Nigeria’s debt costs surge 164% – DMO

Aminu Imam
DMO on debt

…as FG spends more on T-Bills, bonds Nigeria’s domestic debt service bill surged by 164 percent year-on-year in the first quarter of 2025, driven by sharp increases in interest payments on Treasury Bills and Federal Government bonds, according to data sourced from the Debt Management Office, (DMO). The DMO data revealed that the federal government spent ₦2.6 trillion on domestic debt service between January and March, marking a 65% increase from the previous quarter The rise, according to FBNQuest Merchant Bank, “reflects a recurring seasonal pattern, where debt obligations typically…

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Senate approves Tinubu’s $21bn foreign loan 

Aminu Imam
Senate approves3

The 10th Senate yesterday approved President Bola Tinubu’s external borrowing plan of over $21 billion for the 2025–2026 fiscal cycle, paving the way for the full implementation of the 2025 Appropriation Act. The comprehensive borrowing package includes $21.19bn in direct foreign loans, €4bn, ¥15bn, a $65m grant and domestic borrowing through government bonds totalling approximately ₦757bn. Also included was a provision to raise up to $2bn through a foreign-currency-denominated instrument in the domestic market. The approval followed the presentation of a report by the Chairman of the Senate Committee on…

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Nigeria’ debt servicing soars 49% in 4 months, exposing fiscal vulnerabilities

Aminu Imam
Nigeria’ debt servicing

Nigeria’s debt service payments have surged by a staggering 49.2 percent year-on-year, reaching $2.01 billion in the first four months of 2025, when compared to $1.34 billion recorded in the same period in 2024.  This alarming rise was revealed in the latest International Payments data released by the Central Bank of Nigeria (CBN), underscoring the mounting pressure on the country’s fragile economy. The sharp increase in debt servicing costs highlights Nigeria’s growing struggle to meet its external obligations, especially in the face of persistent foreign exchange shortages and a weak…

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Tinubu to meet GenCos leadership over ₦4tr debt – Minister

Aminu Imam
IMG 20250504 WA0011

Minister of Power, Adebayo Adelabu, has said that a meeting has been scheduled between President Bola Tinubu and the leadership of the Power Generation Companies (GenCos) over a ₦4-trillion debt. Adelabu said that the meeting was scheduled with a view to finding a common ground to settle the debt owed the GenCos. Special Adviser, Strategic Communications and Media Relations to the minister of power, Bolaji Tunji, who disclosed this in a statement in Abuja yesterday, assured that the Federal Government would immediately pay a significant portion of the debt, while…

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NNPCL debt burden to persist until 2029, amid rising crude demand

Aminu Imam
NNPC debt burden

The Nigerian National Petroleum Company Limited, (NNPCL), is projected to service crude-for-loan obligations until 2029, driven by increasing demand from domestic refineries. The debt, tied to several crude-for-loan deals amounting to $8.86 billion, involves pledging 272,500 barrels of crude oil daily to repay loans. This equates to about 8.17 million barrels per month, as revealed by the Nigeria Extractive Industries Transparency Initiative (NEITI) and NNPCL’s financial reports. Rising local demand is fueled by the operational Port Harcourt and Warri refineries, along with the $20 billion Ɗangote Refinery. These facilities will…

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Nigeria receives $1.5bn W’Bank loan over Tinubu’s subsidy removal, tax reforms Bills

Aminu Imam
FG on W'Bank loan

The World Bank has released a $1.5billion loan to Nigeria, following the implementation of a few of its economic reforms, including fuel subsidies removal and introducing tax policies by the Tinubu-led administration. This is according to the World Bank’s recent document on the progress of the loan. The loan, part of the Reforms for Economic Stabilisation to Enable Transformation Development Policy Financing initiative, is among the fastest disbursements Nigeria has received with both tranches released in less than six months. The document showed that the loan was approved on June…

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FG to borrow N13.8trillion to fund 2025 Budget

Aminu Imam
FG to borrow

The Federal Government is to source N13.8trillion of the proposed N47.9 trillion 2025 Budget through borrowing. Recall that the Federal Executive Council (FEC), on Thursday, approved the budget proposal and borrowing of N13.8 trillion. Minister of Budget and Economic Planning, Atiku Bagudu, disclosed this while briefing State House correspondents, at the end of the Council meeting, presided over by President Bola Tinubu at the Presidential Villa, Abuja. The approval is part of the Medium-Term Expenditure Framework, (MTEF), and Fiscal Strategy Paper, for 2025-2027, by the Fiscal Responsibility Act of 2007,…

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‘Reject World Bank advice or risk implosion’ – Nigerians warn Tinubu

Aminu Imam
Nigerians on W'Bank loan

Say, many people on the streets are walking corpses Nigerians from different strata of life have warned President Bola Tinubu that he would face the threat of implosion by angry citizens should the Federal Government go ahead with the World Banks advice to sustain the prevailing stinging reforms for the next 10 to 15 years. Recall that last Tuesday, the World Bank Senior Vice-president, Indermit Gill, declared in Abuja at the Nigeria Economic Summit, among others, that it would take at least 10 or 15 years for President Bola Tinubus…

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‘Tinubus claim on N30tr debt misleading; merely restructured, not cleared’ – Report

Aminu Imam

President Bola Tinubu’s claim during his October 1 speech, that his administration has cleared the N30 trillion Ways and Means debt inherited from the previous government has been revealed as misleading. Recall that in his Independence Day speech, President Bola Tinubu claimed that his administration cleared the N30 trillion Ways and Means debt inherited from the previous government. stating that the debt was eliminated, and the debt-service ratio reduced from 97% to 68%, while maintaining foreign reserves at $37 billion. However, a report by the Joint Senate Committee on Banking,…

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