Tag: DEBTS

FG to grant local airlines discount on debts owed Aviation agencies

Aminu Imam
FG to grant local airlines discount

Minister of Aviation and Aerospace Development, Festus Keyamo, says the Federal Government has decided to grant domestic airlines discounts on debts owed aviation agencies. Keyamo said this in Abuja during a meeting with the Minister of State for Petroleum Resources (Oil), airline operators and other aviation stakeholders. Recall that the Airline Operators of Nigeria (AON) had earlier planned to suspend flight operations and increase airfares due to the high cost of Jet A1 fuel. According to the Minister, the percentage of the discount for domestic airlines will be determined by…

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FG raises ₦501bn to clear power debts

Aminu Imam
FG to clear power debts

…Signals reset of electricity market The Federal Government has raised ₦501 billion in a fully-subscribed inaugural power sector bond, marking President Bola Tinubu’s most decisive move yet to resolve decade-long payment arrears that have crippled electricity generation and investment. Issued under the Presidential Power-Sector Debt Reduction Programme (PPSDRP), the Series-1 bond combines ₦300 billion raised from the capital market, with ₦201 billion allotted to power generation companies (GenCos). The proceeds will fund about half of verified debts owed for electricity supplied between February 2015 and March 2025, officials said at…

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Nigeria’s debt to World Bank’s IDA hits $18.2bn

Aminu Imam
9ja IDA debt

Nigeria remains the third-largest debtor to the World Bank’s International Development Association (IDA), with outstanding loans rising to $18.2bn as of June 2025, up from $16.5bn a year earlier. This marks a rise from $16.5bn in June 2024, representing a $1.7bn—or roughly 10.3 percent—increase within one year. The latest figures from the IDA’s financial statements show that Nigeria first climbed to third place in 2024, up from its previous position as the fourth-largest borrower in 2023, and has maintained this ranking into 2025. Bangladesh tops the list with $22.6bn, followed…

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Osun Finances: PDP, APC bicker

Abdul-Azeez Ahmed Kadir

Opposition All Progressives Congress (APC) in Osun and the ruling Peoples Democratic Party (PDP) engaged in a war of words on Tuesday over the state’s finances. While the APC accused Governor Ademola Adeleke of messing up the finances of the state, the PDP said the governor had been prudently managing the state’s economy and finance. In a statement issued by APC’s Director of Media and Information, Kola Olabisi, the party’s chairman, Tajudeen Lawal, alleged that Governor Adeleke was finding it difficult to discharge statutory functions because of finance mismanagement. According to…

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Russia writes-off $23bn debt for Africa – Putin

Aminu Imam

Russian President, Vladimir Putin, says the Russian Government has written off the $23 billion debt burden of African countries. Putin disclosed this at the plenary session of the ongoing second Russia–Africa Summit 2023 holding from July 27 to July 28. He said Moscow would allocate an additional $90 million for these purposes. The Russian President said Russia was advocating expansion of representation of African countries in the UN Security Council and other UN structures. According to him, the reopening of embassies in Burkina Faso and Equatorial Guinea is going as…

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Oil-producing States squander N4tr domestic debt in 7 years – NBS, DMO

Aminu Imam

According to a recent National Bureau of Statistics (NBS) study on Nigeria’s domestic and external debt, the oil-producing States had a combined domestic debt stock of more than N4 trillion between Q1, 2022, and Q2, 2022. Analysis of statistics emanating from the Debt Management Office (DMO), the Federal Ministry of Finance and the National Bureau of Statistics (NBS) suggests that the oil-producing states across the country cannot account for about N4 trillion in their transactions over a period of seven years. Oil-producing States in Nigeria, which include Delta, Akwa-Ibom, Cross…

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Debt: Kaduna, Cross-River has highest exposure to China – Report

Aminu Imam

…As Nigeria’s total debt stock hits $100bn Two Nigerian States of Cross River and Kaduna have the highest debt to China, given through China’s Exim Bank, according to data from Debt Management Office (DMO).  According to the DMO, the two States owe a total of $33,475,847, with Cross River State owing the most with $20,676,994 and Kaduna with $12,796,853. The States are also exposed to lenders like Japan International Corporation (Jica) India and KFW Development Bank. Further information from DMO also revealed that Nigeria’s total debt stock, which hit over…

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Debts: DisCos’ takeover, CBN interventions averted banks’ collapse – Stakeholders

Aminu Imam

Some stakeholders in Nigeria’s power sector have lamented that many Deposit Money Banks (DMBs) in Nigeria who extended loans to some electricity distribution companies (DisCos) may have collapsed except for the Central Bank of Nigeria (CBN)’s intervention, especially in their takeover. The experts, who also noted that the apex bank’s backing of the takeover saved the country job losses and economic catastrophe, noted that recovering government loans, as well as that of commercial banks, remained critical for the nation’s financial sector, even as government intervention in the sector now stands…

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FG tilts towards fresh N7tr loan as Q1’ 22 revenue disappoints

Aminu Imam

Nigeria will require about N7.38 trillion in new loans from May to December, 2022 due to its inability to generate adequate revenue in the first four months of 2022, a published analysis by a renowned business newspaper has revealed.  It stated that with the factors responsible for the poor revenue generation still ravaging, the federal government is left with no options but new loans to augment its revenues in order to remain solvent in 2022 and beyond. Recall that a t the presentation of the budget performance last Thursday in…

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Fuel scarcity: IPMAN demands N40bn for fuel haulage, association from FG

Abdul-Azeez Ahmed Kadir

The Independent Petroleum Marketers Association of Nigeria (IPMAN) on Tuesday in Sokoto called on the Federal Government to settle the N40 billion debts it owed the association. It said the debt arose from haulage of petroleum products to Sokoto, Kebbi, Zamfara and parts of Katsina states by its members. Alhaji Surajo Yahaya-Kamba, IPMAN Branch Chairman at Gusau Depot, who supervises operations in the states, made the call at the end of a meeting of members. He said the agreement signed between the association and the Federal Government was for the…

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