Nigeria's Debt Archives - Voice of Liberty NG

Nigeria’s public debt hits N49 trillion – DMO

June 26, 2023June 26, 2023 Aminu Imam

The Debt Management Office (DMO) said the total public debt stock of Nigeria as at March was N49.95 trillion (108.30 billion dollars). According to a statement obtained from the DMO official website yesterday, the total debt stock comprises the external and domestic debts of the Federal Government, the 36 States and the Federal Capital Territory (FCT). Nigeria�s total debt for the preceding period 0f Dec. 21, 2022 was N46.25 trillion (103 billion dollars), indicating an increase of about three trillion Naira. However, the total debt stock excludes the Federal Government�s…

‘Nigeria�s N77tr debt profile, calamity of highest proportion’ – PENGASSAN

May 12, 2023May 12, 2023 Aminu Imam

The Petroleum and Natural Gas Senior, Staff Association of Nigeria (PENGASSAN), yesterday decried Nigeria�s current debt stock of N77 trillion, describing it as a calamity of the highest proportion. PENGASSAN raised the alarm during its 7th Triennial National Delegates� Conference (NDC) 2023, which held in Abuja, with the theme: �Equity and Social Justice; Advocacy for Equal Opportunities for all Workers�. Speaking during the event, the PENGASSAN President, Comrade Festus Osifo, said Nigeria�s current total public debt profile is quite alarming, mostly when compared to the cost of servicing the debt…

Debt Stock: Nigeria�s debt rises further, hits N44.06tr – DMO

December 11, 2022December 11, 2022 Aminu Imam

Nigeria�s debt stock rose to N44.06 trillion in September 2022 from N42.84 trillion in June, according to new data from Debt Management Office (DMO). The total debt stock comprises of total domestic and external debt stock of the Federal Government, State governments and the Federal Capital Territory. Nigeria, which is Africa�s biggest economy, has seen its debt rise by N4.5 trillion this year, from N39.56 trillion at the end of last year. �The increase in the debt stock was largely due to new borrowings by the Federal Government to part-finance…

Nigeria bleeds, as massive judgement debts cripple nation’s finances

September 13, 2022September 13, 2022 Aminu Imam

The rising judgment debts awarded against Nigeria by local and international courts of arbitrations for contracts violations have continued to assail the nation�s finances. The situation has left the nation counting huge losses as the Government grapples with reduced revenues. The Attorney-General of the Federation (AGF) and Minister of Justice, Abubakar Malami, and (SAN) had last Monday disclosed that the Federal Government had settled a long-standing $5.26billion contractual dispute with a foreign investor group in the steel sector for the sum of $496million. According to Malami, the mediation proceedings were…

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

August 28, 2022August 28, 2022 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…

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

August 27, 2022August 27, 2022 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). The States are also exposed to lenders like Japan International Corporation (Jica) India and KFW Development Bank. 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. Further information from DMO also revealed that Nigeria�s total debt stock, which hit over…

Nigeria, 3 others top World Bank debtors� list

August 11, 2022August 11, 2022 Aminu Imam

Nigeria has been ranked the fourth country in the world with the highest debt according to the World Bank�s newly released financial report for the fiscal year of 2022 audited financial statements for the International Development Association, (IDA). Nigeria, which has the highest IDA debt stock in Africa, increased its debt to $13bn since June 30, 2022, from $11.7bn in June, 2021 Other countries in the top five position are India in the first position, Bangladesh in the second position, Pakistan in the third position, and Vietnam in the fifth…

Nigeria’s Deficit spending jumps 33% to N7 trillion

January 13, 2022January 13, 2022 Aminu Imam

Nigeria�s budget deficit spending notched up N7.052 trillion in the 11 months ending November 2021 (11M, 2021), a 33% increase against N5.32 trillion in 11M, 2020, spurred by a mixture of low oil receipts, corruption, and stealing of funds. Finance Minister, Zainab Ahmed, who disclosed this at the public presentation of the 2022 Budget in Abuja, said that deficit spending rose to N7.052 trillion instead of N5.911 trillion prorate. The sum is 9.2 percent above the N6.449 trillion deficit in the 2021 Budget. Recall that last December, deficit spending had…

Stabilize Naira�s Free Fall Urgently – PGF DG Tasks CBN

September 22, 2021September 22, 2021 Ishaku Yohanna

Godwin Amunde The Director-General of the Progressive Governors Forum (PGF)- the umbrella body of Nigerian Governors elected on the platform of the ruling All Progressives Congress (APC)�- Dr. Salisu Mohd Lukman, �has asked the Central Bank of Nigeria (CBN) to urgently and expeditiously stablize the Naira exchange rate�to the Dollar. The PGF DG noted that the Naira had lost over 200% of its value in the six years of the present administration, falling to N570 to a dollar in recent weeks from N158 a Dollar left by the Goodluck Jonathan…

‘DespiteN32.9tr debt, Nigeria won�t stop borrowing’ – Finance Minister

February 27, 2021February 27, 2021 Aminu Imam

Notwithstanding Nigeria owing $86.39 billion (N32.9 trillion) to external creditors, the nation will continue to borrow to finance infrastructural development, the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, said yesterday. She also stated that a supplementary budget for 2021 was being prepared for submission to the National Assembly for approval in March. In addition, the federal government may soon compel Ministries, Departments and Agencies (MDAs) to patronise locally-made vehicles. Ahmed told reporters in Abuja that although the country has expanded its borrowing portfolio, it is still below…