At least 10 Nigerian states collectively increased their domestic debt by N417.7 billion year-on-year, despite a significant rise in revenue allocations from the Federation Account Allocation Committee, a review of official data has shown. An analysis of the Debt Management Office’s quarterly reports on subnational debt reveals that Rivers, En...
Nigerian Deposit Money Banks (DMBs) made a record single-day withdrawal of ₦1.2 trillion from the Central Bank of Nigeria’s (CBN) Standing Lending Facility (SLF) to cover a severe liquidity shortfall, according to TrustBanc Financial Group Limited. The banking system is grappling with a significant liquidity deficit, which stood at ₦266.55 bil...
•Finance minister, Wale Edun The federal government has given insight into why it was exceeding revenue targets and still borrowing, telling the National Assembly that it did that based on the approvals of both the Senate and the House of Representatives. This was disclosed during an interactive session of federal government’s revenue generati...
•FEC meeting The Federal Executive Council (FEC) yesterday approved a budget proposal of N47.9 trillion for the 2025 fiscal year and borrowing of N13.8 trillion. The Minister of Budget and Economic Planning, Atiku Bagudu, disclosed this while briefing State House correspondents, at the end of the Council meeting, presided over by President Bol...
Debt servicing costs incurred by 29 state governments consumed 80.7 per cent of their Internally Generated Revenue during the first six months of 2024, highlighting the significant financial burden the sub-nationals currently face. The dire situation also forced the governors to borrow a total sum of N446.29 billion within the same period desp...
Fresh facts emerged over the weekend that cash-trapped Deposit Money Banks and Discount Houses went into aggressive borrowing from the Central Bank of Nigeria (CBN), accessing a whooping N3 trillion through the Standing Lending Facility. This is in contrast to ₦493.6 billion deposited by a few lenders through the CBN’s Standing Deposit Facilit...
Nigerians affected by the rising cost of living obtained credit facilities worth N3.82tn from banks as of January 2024, the Central Bank of Nigeria has stated. An analysis of the latest monthly economic report posted on its website revealed that the total consumer credit rose by 11.9 per cent to N3.82tn in January 2024, driven, […]
•DG, Debt Management Office, Patience Oniha The Debt Management Office (DMO) has said that the Federal Government is seeking to raise N2.5 trillion in its second bond auction of the year. In a circular issued yesterday, DMO stated that the offerings consisted of N1.25 trillion with a maturity date of February 2031 and another N1.25 […]...
•Tinunu presents budget proposal to NASS Chief Economist, Senior partner at SPM Professionals, Paul Alaje said Nigeria may have to borrow to service debt in 2025 if the federal government does not take serious precautionary measures. Alaje stated this during an interview with Arise Television yesterday. He said, “You look at the debt profile t...
•Nigerian Senate The Senate yesterday Saturday, December 30, approved President Bola Tinubu’s request to borrow $7.8billion and €100 million as part of the 2022- 2024 borrowing plan of the federal government. The resolutions of the Senate followed its consideration and adoption the report of its committee on Local and Foreign Debt during its s...
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