Nigeria�s total debt could hit N50 trillion � Report

April 6, 2022April 6, 2022 Aminu Imam

The Centre for the Promotion of Private Enterprise, (CPPE), has said that Nigeria�s debt, including that of the Asset Management Corporation of Nigeria (AMCON) and borrowings from the Central Bank of Nigeria, (CBN), can hit N50 trillion within the shortest possible time. The CPPE Chief Executive Officer, Dr. Muda Yusuf, said this during an event to present the 2022 first-quarter economic review of CPPE in Lagos on Monday. Yusuf also advocated concessionary financing for the country, as opposed to commercial debts which are expensive. He said, �The rising debt profile…

‘Every Nigerian owes N191,889 of national debt’

March 19, 2022March 19, 2022 Aminu Imam

Every Nigerian currently owes about N191,889 in terms of debt per capita, as the country�s total public debt hits N39.56 trillion at the end of December 2021, analysis of Nigeria�s latest total public debt stock has shown. Data released on Thursday by the Debt Management Office (DMO), shows that Nigeria�s total debt increased by 20.2% to N39.56trillion as of December 31, 2021. According to a statement by the DMO, the amount represents the total external and domestic debts of the Federal Government of Nigeria (FGN), the 36 States governments and…

Nigeria�s debt rises to N39.6 trillion and growing – DMO

March 18, 2022March 18, 2022 Aminu Imam

�Says FG borrowed over N6tr in 2021 The Debt Management Office (DMO) has said that the nation�s public debt has grown to US$95.779 billion or N39.556 trillion at the end of last year. The Director-General of DMO, Ms. Patience Oniha, who disclosed this during a media briefing in Abuja yesterday, said the amount represents the total external and domestic debts of the Federal Government, 36 State governments and the Federal Capital Territory, (FCT). She noted that the comparable figure for December 31, 2020 was US$86.392 billion, or N32.815 trillion. She…

Nigeria�s external debt service rises 37% to $2.1bn – Report

March 16, 2022March 16, 2022 Aminu Imam

The Federal Government spent $2.12 billion to service the country’s external debt in 2021, representing a 37 percent increase from $1.56 billion spent in 2020. Data from the Central Bank of Nigeria, (CBN), however, shows a 58% decline in debt service payment in the second half of the year (H2�21), to $824.41 million, from $1.3 billion in the first half of the year (H1�21). However, the $824.41m external debt service payment in H2�21 represents a 3.4%, year-on-year, (YoY) increase from $797.48 million spent in the corresponding period of 2020 (H2�2020).…

Economy: Nigeria battles insolvency as borrowing escalates

February 15, 2022February 15, 2022 Aminu Imam

Of recent, the question on the lips of not a few economic commentators on Nigeria, as they scan the numbers charts, is whether Nigeria is sliding into economic doldrums. Even if the response to this question is not in the affirmative, the prospect of the country being potentially insolvent at the moment is not a far-fetched guestimate by many discerning Nigerians and other observers elsewhere who feel that the country�s mountainous debt pile may be dragging it down the hill economically. The unfolding events did not surprise people when the…

Experts worry over Nigeria�s N3.8tr debt servicing in 2022

December 29, 2021December 29, 2021 Aminu Imam

With the Federal Government planning to spend N3.8 trillion out of the N16 trillion 2022 budget on servicing its debt obligations, analysts have expressed worry that the country may soon run out of room to finance its debts. This is as they called for a review of government spending and a reduction in the country�s borrowing, saying there is a need for the government to look into other sources of funding asides from borrowing. According to the 2022 Appropriation Bill, the Federal Government is looking at increasing its debt portfolio…

Nigeria�s debt to China rises to $4.15 billion – DMO

December 19, 2021December 19, 2021 Aminu Imam

The Debt Management Office, (DMO), has in its latest data revealed that Nigeria�s debt to China is $4.15 billion as of September, 2021. According to the DMO, this balance is out of a total debt of $6.5 billion available for Nigeria to draw down. Most of the debts are for a period of 20 years, with a grace period to repay the principal of about 7 years. Only a $200 million debt had a tenor of 12 years with a grace period of 5 years. The loans are broken into…

Nigeria’s debt has tripled in 7 years as China eyes Nigeria’s assets – Rights activist, Odinkalu

December 14, 2021December 14, 2021 Aminu Imam

The rights activist, Chidi Odinkalu, has raised an alarm about the rising debt profile since President Muhammadu Buhari mounted the saddle as Nigeria�s president, which he says is seven times higher than it has previously been. Odinkalu, who stated this in a tweet, however, did not expantiate, as he only provided an undated chart from the Nigeria Bureau of Statistics, (NBS). According to available data from Debt Management Office, (DMO), Nigeria�s total debt profile stands at over N35 trillion, the highest since 1999 when Nigeria returned to civilian rule. The…

FG loan requests: Nigeria�s debt to hit N50 trillion in 2023

October 6, 2021October 6, 2021 Aminu Imam

…As FG plans additional loans Nigeria�s debt profile is expected to be in the neighborhood of N50 trillion, if the current attempt by the Federal Government to obtain more loans turns out to be successful. President Muhammadu Buhari had in a letter dated August 24, 2021, sought the approval of the National Assembly to borrow $4.2 billion and �710 million on the grounds of �emerging needs�. In the letter, titled: ‘Addendum to Request For Senate�s Concurrent Approval of Multilateral Fund Projects Under the 2018-2021 Federal Government External Borrowing (Rolling) Plan‘,…

Nigeria’s debt: Obasanjo attacks Buhari over borrowing spree

September 21, 2021September 21, 2021 Aminu Imam

…Says it�s criminal to accumulate debt for future generations Former president, Chief Olusegun Obasanjo has berated President Muhammadu Buhari’s administration over its continued accumulation of debt through borrowing, noting that piling up debt for future generations is foolish and criminal. Obasanjo who spoke in a video shared by a television programme on Sunday night, said it�s the height of folly to borrow to fund recurrent expenditure. The former president�s remarks came in the wake of President Buhari�s request to the National Assembly for a fresh $4 billion loan. �If we…