Tag: Domestic Debt

Kaduna: $600m debt profile sparks crisis between Gov. Uba Sani, el-Rufa’i

Aminu Imam

A crisis has emerged between the former governor of Kaduna State, Nasir el-Rufa’i and his political godson, Uba Sani, following the discovery that the State was hugely indebted to a whooping sum of $600 million foreign debt. It was gathered at the weekend that Uba Sani, who had been an aide to el-Rufa’i for years before he became a Senator representing Kaduna-Central senatorial district in the 9th National Assembly, replacing Shehu Sani, the activist. Despite the anomaly and other decision taken by the former governor el-Rufa’i that left bitter taste…

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FG sets up committees to clear N1.5tr debt owed road contractors

Aminu Imam

The Federal Government has set up six committees, one per geo-political zone, to clear-up N1.5 trillion debt owed contractors for road projects across the country. This is according to a statement issued by the chief press secretary to the minister, Barr. Orji Uchenna Orji, yesterday. The statement quoted the Minister of Works, Engr. David Umahi, as saying the current administration inherited unpaid certificates from the past administration for road projects across the six geopolitical zones of the country. The statement further said the committees are mandated to review all debts…

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Nigeria’s domestic debt to hit N43 trillion in 2022 – Report

Aminu Imam

The nation’s local debt is projected to amount to about N43 trillion naira in 2022. This was stated by the research, credit ratings and credit risk management firm, Agusto & Co, in its economic outlook for the year 2022, titled: “Nigeria in 2022,” as it projects growth for the economy and possible means to achieving the expected growth. According to the report, the local currency borrowing will increase to about N43 trillion which is about 860% of government revenue, compared to a median of about 200% for the central governments…

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Nigeria’s states sinking in sea of N4trn domestic debt – Analysts

Ishaku Yohanna

The economies of Nigeria’s states are sinking under the suffocating weight of domestic debt owed by the states and which has now ballooned to more than four trillion Naira. This debt burden excludes the issuance of Naira denominated bonds which currently stand at over N390bn. Analysts at FBNQuest say the total domestic debt of state governments as at end of March 2020 stood at N4.11trn, equivalent to 2.9% of Nigeria’s Gross Domestic Product, GDP The figure is unchanged from three months previously but it had increased by a frightening N840bn…

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