Tag: Nigeria’s Debt

‘FG spent N2trillion on debt servicing in 6 months’ – Zainab Ahmed

Aminu Imam

The Federal Government has revealed that it spent N2.02 trillion on debt servicing within the first six months of 2021. This was stated yesterday in Abuja, by the minister of finance, budget and planning, Zainab Ahmed during the 2022- 2024 2022-2024 Medium-Term Expenditure Framework/ Fiscal strategy paper (MTEF/FSP) Committee interactive session. Ahmed said the Federal Government’s retained revenue amounted to 67.3 percent of the target. Recall that last year, out of total revenue of N3.42 trillion, the federal government spent N3.34 trillion on debt servicing – implying that for every…

Read More

China reluctant to lend more money to Nigeria – Official 

Aminu Imam

..Believes country is over-exposed The Federal Government is seeking $1 billion to enable work to continue on a gas pipeline costing up to $2.8 billion after Chinese lenders failed to disburse cash as quickly as expected. China reportedly developed cold feet after they pledged to offer most of the funds. It is the latest sign of falling Chinese financial support for infrastructure projects across Africa, after years of major Chinese lending for railway, energy and other projects. A spokesman for the NNPC, which is building the 614-km Ajaokuta-Kaduna-Kano (AKK) pipeline,…

Read More

Infrastructure: “Nigeria is poor; only option is to borrow” ? Senate President

Aminu Imam

Senate President, Ahmad Lawan, has stated that Nigeria is a poor nation that has no option but to borrow to fund infrastructure. The Senate President made the statement after apprising President Muhammadu Buhari of the activities lined up by the National Assembly. Fielding questions from correspondents after the meeting on Thursday, at the Presidential Villa, Abuja, he, however, assured that the legislature would not be frivolous in granting Executive requests for loans. According to him, such requests would be subjected to thorough scrutiny to be sure that they are necessary…

Read More

FG spends N1.02tr on debt servicing in Q1, 2021 – DMO

Aminu Imam

The Federal Government spent a sum of N1.02 trillion on domestic and foreign debt service in the first quarter of 2021. This is according to the debt service payment report for Q1 2021, released by the Debt Management Office (DMO). The amount represents a 35.7% year-on-year increase, compared to N753.7 billion spent in the corresponding period of 2020. A cursory look at the data reveals that N612.71 billion was spent on domestic debt service, while N410.1 billion was expended on servicing of external debt. Recall that Nigeria’s total debt portfolio…

Read More

FG spends N1.02 trillion on debt servicing in Q1, 2021 – DMO

Aminu Imam

The Federal Government spent a sum of N1.02 trillion on domestic and foreign debt service in the first quarter of 2021. This is according to the debt service payment report for Q1 2021, released by the Debt Management Office (DMO). The amount represents a 35.7% year-on-year increase, compared to N753.7 billion spent in the corresponding period of 2020. A cursory look at the data reveals that N612.71 billion was spent on domestic debt service, while N410.1 billion was expended on servicing of external debt. Recall that Nigeria’s total debt portfolio…

Read More

Nigeria owes N33 trillion – DMO

Aminu Imam

…Says Buhari’s N2.343tr external loan request not new  The Debt Management Office (DMO) had in March placed Nigeria’s public debt at N32.915 trillion. In a statement, the DMO stated that the debt as of December 31, 2020 included the debt stock of the Federal and State governments as well as the Federal Capital Territory, (FCT). It pointed out that after Nigeria exited from recession in 2017, the level of new borrowings at the federal level in the Annual Appropriation Acts had been reducing due to measures to ensure a moderate…

Read More

Nigeria’s debt profile hits N31trn, says DMO

Ishaku Yohanna

Nigeria’s debt profile increased by N2.38trn between March and June 2020, the Debt Management Office (DMO) has revealed. It said Nigeria’s total public debt stock as of June 30, 2020 stood at N31trn. Nigeria’s total public debt stock includes the debt stock of the Federal Government, the 36 states, and the Federal Capital Territory. For public debt stock as of June 30, 2020, the DMO said: “The data shows that in naira terms, the total public debt stock which comprises the debt stock of the Federal Government, the 36 state…

Read More

Nigeria’s public debt increases by N1.23trn in three months

Ishaku Yohanna

The total public debt stocks of the Federal Government of Nigeria, states within the Nigerian federation, and the Federal Capital Territory (FCT) jumped to N28.63 trillion as of Q1 2020. This is according to a report by the National Bureau of Statistics (NBS) which was released on Friday.  A breakdown of the report showed that the total debt stock of the states as of 31 March 2020 is N4.1 trillion. Meanwhile, these states’ total Internally Generated Revenue (IGR) for 2019 was N1.3 trillion. They also received N2.47 trillion from FAAC.  Note that as always, Lagos State recorded the highest IGR at N398.7 billion. The state also received N117.8 billion in…

Read More