Nigeria’s Public Debt Stock has hit N31.009 trillion as at June 30, 2020, the Debt Management Office (DMO) said on Wednesday. This means that in the last five years under the President, Major General Muhammadu Buhari (retd.), the country’s debt rose by N18.89tn. As of the end of June 2015, one month after the present […]
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Former Nigeria’ vice president, Alhaji Atiku Abubakar, on Tuesday, warned that Nigeria is already on the way to financial insolvency given the amount being used to service loans and the low revenue being generated by the country. The former Vice President reached the conclusions from the revelation in Nigeria’s First Quarter 2020 financial reports in […]
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The Asset Management Corporation of Nigeria, AMCON, has been ordered to take over the business and assets of Bedko Nigeria Limited and Alhaji Buba Galadima. This was contained in a judgement by a Federal High Court sitting in Abuja, in Suit No. FHC/ABJ/CS/1136/2019. A statement from the corporation on Tuesday said Bedko Nigeria Limited and […]
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The Federal Government of Nigeria has proposed to spend N2.45trn on servicing of debt within the 2020 budget. President Muhammadu Buhari revealed this on Tuesday when he presented the 2020 budget proposal at the joint session of the National Assembly. Buhari noted that out of the N2.45trn local debts would take about N296bn. He stressed […]
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Oil marketers have given the federal government a seven-day ultimatum to settle outstanding debts to the sum of N800 billion, failing which depots would cease operation across the country. The marketers, comprising Major Oil Marketers Association of Nigeria (MOMAN), Depot and Petroleum Products Marketers Association (DAPPMA) and Independent Petroleum Products Importers (IPPIs), said failure to […]
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The debt profile of Ekiti state has risen to N120 billion from N117 billion at the beginning of the year,a report has said. According to a document forwarded to the debt management office by the outgoing state government, the state incurred additional debt of N3 billion between March and June this year. In September, Kayode […]
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Ayodele Fayose, governor of Ekiti state, says contrary to claims by Kayode Fayemi, governor-elect of the state, the debt of Ekiti is pegged at N59.5 billion. Reacting to a report by the Debt Management Office (DMO) that the debt profile of the state had risen from N18 billion when Fayemi left office in 2014 to […]
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The Asset Management Corporation of Nigeria (AMCON), says that only 350 Nigerians are responsible for more than 80 per cent of the N5.4 trillion debt portfolio of the company. The Managing Director/Chief Executive Officer of AMCON, Ahmed Kuru disclosed this in an interview with the News Agency of Nigeria (NAN) in Abuja on Wednesday. According […]
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The Director General of the Debt Management Office (DMO), Patience Oniha, in a chat with Reuters on Wednesday, said the federal government is planning to borrow $2.8 billion to fund the deficit of the recently passed 2018 budget. “We will explore all options keeping in mind our twin objectives of extending the tenor of the debt […]
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The Asset Management Corporation of Nigeria, AMCON, has lost its bid to take over the land and property known as the Federal Secretariat Complex, in Ikoyi Lagos. Justice Ibrahim Buba in a judgment delivered at the Federal High Court Sitting in Lagos on Wednesday, reiterated that the Federal Government of Nigeria and it’s agencies are […]
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