•Hajj Five states; Kogi, Kebbi, Jigawa, Bauchi and Kano states, have subsidised Hajj fares for 10,260 intending pilgrims for the 2024 exercise, with a combined sum of N9,120,997,990 billion. The subsidy payments by the various states’ governments follow the announcement of the National Hajj Commission of Nigeria, asking already registered pilg...
•Uba Sani and Nasir El-Rufai Governor Uba Sani of Kaduna State has said that he inherited a huge debt burden of $587m, N85bn and 115 contractual liabilities from the immediate past administration of Nasir El-Rufai, lamenting that the huge debt has eaten deep into the state’s federal allocation. The governor, who disclosed this at a […]...
The Debt Management Office of Nigeria has revealed that Nigeria’s public debt surged to N97.34trn ($108bn) as of the fourth quarter of 2023. DMO disclosed this in a statement made available to journalists today. Public debt is one of the ways for a country to get extra funds for economic development. This way, a country […]
The depreciation of the naira has caused the country’s foreign loans to balloon. Nigeria’s external debt stock (debt owed to foreign entities) has increased by N28tn due to the devaluation of the Nigerian naira against the United States dollar, findings reveal. According to the latest debt profile data published by the Debt Management Office, ...
•CBN Governor Yemi Cardoso The Central Bank of Nigeria (CBN) has issued a warning message to Nigeria and other West African nations regarding trends in borrowing practices. Traditionally, nations often relied on loans from the Paris Club, a group of creditor countries, reports The Nation. However, the CBN has observed a significant shift towar...
•Lagbaja and Adelabu Minister of Power Adebayo Adelabu has assured the Army of his readiness to dialogue with Distribution Companies (DisCos) over its electricity debt burden amounting to N42 billion. The Minister spoke when the Chief of Army Staff ( CAS) Lt. General Taoreed Abiodun Lagbaja visited and appealed for his intervention over the de...
•Aso Rock President Bola Tinubu has ordered the immediate payment of Aso Rock’s electricity bill to avoid disconnection in the nation’s seat of power. In an advertorial titled ‘Notice of disconnection’ published on Monday, the Abuja Electricity Distribution Company (AEDC) said the presidential villa owes an electricity bill of N923.87 million....
The Management of the Abuja Electricity Distribution Company (AEDC) has given a 10 days’ notice to 86 government Ministry Department and agencies to pay up the N47.1bn electricity debt they owe or risk disconnection. An advertorial by the company said the notice was issued after the MDAs failed to pay up their outstanding balance for […...
•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...
•Olusegun Obasanjo Former President Olusegun Obasanjo has said financial impropriety by the previous governments had forced Nigeria into a debt burden the coming generations would have no option but to pay. According to a statement by his Media Aide, Kehinde Akinyemi, the former president made the observation during a meeting with 2023 awardee...