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Anchor Borrowers Programme: Reps summon BOA over N81bn debt

March 1, 2020 Editorial IV 0

As the management of the Bank of Agriculture (BOA) fails to recover over N81 billion loans disbursed to farmers under the Central Bank of Nigeria Anchor Borrowers Programme, the House of Representatives Committee on Agriculture has summoned the bank’s leadership to clear issues on this. The Committee according to report gave the summon on Friday when it paid an oversight Read More

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FGN BOND auction oversubscribed-DMO

January 23, 2020 Editorial III 0

The January 2020 FGN Bond Auction by Debt Management Office (DMO) which took place on Wednesday was oversubscribed by more than 300%. The DMO offered N155.00 billion of three (3) Instruments (5-Year, 10-Year and 30-Year Tenors) to investors at the auction. Subscriptions received through competitive bids for the three instruments at the auction was N624.498 billion, while the sum of Read More

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Dwindling revenue, debt-servicing: Nigeria’s economy on the precipice

January 4, 2020 Editorial III 0

The debate on Nigeria’s debt servicing continues to swell with analysts insisting that it is becoming unsustainable, especially with half the country’s earnings going into debt-servicing; BENJAMIN UMUTEME takes a look at the issue in this report. The controversy surrounding Nigeria’s debt-servicing obligation will not just go away. Even when it seemed that it was about to die down, former Read More

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FG puts debt stock at $83bn, says Nigeria not in trouble

December 30, 2019 Editorial IV 0

Lagos The federal government has put the total public debt stock of the nation at $83 billion. The Minister of Information and Culture, Mr Lai Mohammed, disclosed this while addressing a press conference on Monday in Ikeja, Lagos. He decried that the country’s debt stock was being misrepresented by those he described as scaremongers. According to Mohammed, Nigeria is not Read More

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DMO lists series II FGN N15bn 7-year Green Bond

October 16, 2019 Editorial III 0

The Nigerian Stock Exchange (NSE) (“NSE or The Exchange”) is pleased to announce the listing of the Federal Government of Nigeria (FGN) N15billion Green Bond on its daily official list, by Debt Management Office (DMO) on Monday, October 14, 2019. The 7-year Green bond issued at coupon rate of 14.50% on June 13, 2019 is due to mature on June Read More

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FG gives IOCs two weeks to pay debt owed dockworkers

August 9, 2019 Editorial IV 0

The Federal Government has given International Oil Companies (IOCs) a two-week ultimatum to pay all outstanding debt owed dockworkers employed by stevedoring contractors appointed by the Nigerian Ports Authority (NPA). The President-General, Maritime Workers Union of Nigeria (MWUN), Comrade Adewale Adeyanju, who disclosed this in Lagos said the directive was issued at a meeting convened by the Federal Ministry of Read More

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FG’s rising debt profile by design – Minister

May 17, 2019 Editor 0

The federal government has said the need to reflate the country’s economy during the last recession was responsible for its huge debt profile.  It also said between September 2018 and April this year, the trio of federal, state and local governments shared N4.8 trillion from the Federation Account. Similarly, the government said a fresh sum of N649.434 billion, being the last Read More

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Nigeria’s debt, volatile commodity prices: Walking a familiar path?

May 11, 2019 Editor 0

With her continued dependence on oil as the main stay of her economy, analysts fear that market volatility of commodities may once again put Nigeria on a familiar path; BENJAMIN UMUTEME writes. There have been several warnings from both within and outside Nigeria that the country’s debt was growing at a disproportional rate to its income. At the just-concluded World Read More

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At N24.39trn, Nigeria’s borrowing still low – Minister

April 24, 2019 Editor 0

Minister of Finance Zainab Ahmed has said Nigeria’s borrowing is still low compared to Ghana, Brazil, South Africa, Egypt and Angola.  This is just as she said at 19 per cent of Gross Domestic Product (GDP) the country’s debt was still at manageable level.  The minister said this at the just concluded Spring Meetings in Washington DC, United States of Read More

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Australian Open: Nishikori battles back from brink, Wawrinka falls

January 17, 2019 Editorial IV 0

Japanese eighth seed Kei Nishikori blew a two-set lead against veteran Ivo Karlovic and was within a whisker of second-round elimination in the Australian Open Thursday before winning a pulsating final set tiebreak.Big-serving Karlovic, 39, stood on the brink of becoming the oldest man into the third round since 44-year-old Aussie great Ken Rosewall in 1978 before Nishikori hauled himself Read More

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EEDC seeks NASS intervention over FG’s N4.4bn debts

April 11, 2018 Blueprint 0

The management of Enugu Electricity Distribution Company (EEDC), yesterday urged members of the National Assembly and other stakeholders to prevail on the federal government to settle the N4.4 billion electricity bills of its Ministries, Departments and Agencies (MDAs) in the South-East. EEDC’s acting Managing Director, Mr. Paul Okeke, who made the appeal in Enugu, explained that the payment of the Read More

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N516bn debt: Ministers’ claim unverifiable, airline operators insist

February 12, 2018 Editorial IV 0

Nigerian airline operators have described as unverifiable, the claims by the Minister of Aviation, Hadi Sirika, that they were indebted to aviation agencies and other firms to the tune of N516 billion. The Chairman of Airline Operators of Nigeria (AON), Nogie Meggisson, who said thiswhile briefing journalists in Lagos yesterday insisted that the ministers’ Mr. Sirika reportedly said that Nigerian Read More

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Osun debt is over N300b, group alleges

February 5, 2018 Blueprint 0

As different stakeholders continue to demand the debt profile of Osun State, a rights group, the Centre for Human Rights and Social justice, (CHRSJ), has alleged that the debt is over N300b as it gathered. The group dared the state Governor, Mr. Rauf Aregbesola, to declare the original debt profile if the group was not truthful. A statement by the Read More

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‎65, 000 prison inmates face starvation over N6bn debt 

November 24, 2017 Blueprint 0

Nigeria’s Prison population of 65, 000 inmates are currently under the threat of starvation following the non-payment of ration and gas suppliers since 2015. Blueprint learnt that the federal government has been owing contractors more than N6 billion since 2015. Speaking with newsmen on Friday in Abuja, one of the suppliers, Hajia Maimunat Usman, who lamented her experience, blamed the federal ministry Read More

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PDP begs APC to listen to World Bank, halt borrowing in Nigeria’s interest

October 17, 2017 Blueprint 0

The Peoples Democratic Party (PDP) has urged the President Muhammadu Buhari led federal government to heed World Bank’s warning and desist from unbridled borrowing in the guise of funding National expenditures. In a statement by the National Publicity Secretary, Prince Dayo Adeyeye, the party advised the federal government to to look inwards and develop the nation’s resources for a sustainable Read More

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APC House of Commotion: Journalists turn against NWC over unpaid adverts

August 17, 2017 Blueprint 0

Journalists covering the ruling All Progressives Congress (APC) have Thursday disclosed plans to embark on a massive protest against the Chief John Oyegun led National Working Committee (NWC) over inability of the party leaders to pay for advertisements placed in the various media. The protests are scheduled to commence from next week.   The debt running into over N25 Million Read More