Debt Management Office (DMO) has offered to auction ₦600 billion in Federal Government of Nigeria bonds on May 18, 2026, as it continues to finance fiscal obligations and extend the maturity of domestic debt. According to an offer circular released on Tuesday, the auction comprises two re-opened instruments of...
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President Bola Ahmed Tinubu led federal government is asking the World Bank for another $1.25 billion loan to fund investment and job creation. The loan, called Nigeria Actions for Investment and Jobs Acceleration, is close to approval and could be presented to the World Bank board on June 26,...
President Bola Tinubu has raised concerns over Nigeria’s growing debt burden, warning that the country could spend as much as $11.6 billion on debt servicing in 2026 if current global financial conditions persist. Speaking at the Africa Forward Summit held in Nairobi, the president said nearly half of Nigeria’s...
Kaduna State Commissioner for Local Government and Chieftaincy Affairs, Sadiq Mamman Lagos, has dismissed claims that the ministry is indebted to contractors to the tune of over N30 billion, insisting that any aggrieved party should seek redress in court. Addressing journalists at a press conference in Kaduna on Friday,...
Former presidential candidate of the Labour Party, Peter Obi, has strongly criticised Nigeria’s borrowing pattern, warning that debt taken without productive purpose poses grave risks to the nation’s economic future. In a post shared on X (formerly Twitter), Obi likened unproductive borrowing to deadly diseases, arguing that loans not...
Former presidential candidate, Peter Obi , has expressed deep concern over Nigeria’s growing debt profile and declining economic performance, warning that borrowing without productivity-driven growth is pushing the country toward deeper financial distress. In a post shared on X (formerly Twitter), Obi referenced recent findings by the World Bank,...
A delegation of indigenous contractors across Nigeria has commended the Minister of State for Finance , Doris Uzoka-Anite, for her prompt intervention in addressing the long standing issue of outstanding payments owed to members of their community. Speaking after a meeting with the Minister and her management team, the...
President Bola Tinubu has approved the cancellation of a significant portion of the Nigerian National Petroleum Company Limited’s (NNPC Ltd) outstanding debts to the Federation Account, wiping off legacy obligations valued at about $1.42 billion, alongside trillions of naira in reconciled liabilities. The approval is contained in a document...
A member of the House of Representatives, Ikenga Ugochinyere, has called for a comprehensive audit of the Federal Ministry of Finance and the Federal Inland Revenue Service (FIRS) over the Federal Government’s alleged ₦4 trillion indebtedness to local contractors. Ugochinyere, who represents Ideato North/South Federal Constituency of Imo State,...
Senate has approved President Bola Tinubu’s request to borrow ₦1.15 trillion from the domestic debt market to fund part of the deficit in the 2025 budget. The decision was reached during Wednesday’s plenary after lawmakers adopted the report of the Senate Committee on Local and Foreign Debts, presented by...
The lingering legal tussle between Sagecom Concept Ltd and Fidelity Bank Plc took a fresh turn on Monday as Sagecom asked the Supreme Court to dismiss the bank’s motion seeking a review of the ₦225 billion judgment debt earlier awarded in Sagecom’s favour. Sagecom’s lead counsel, Adeyinka Olumide-Fusika, SAN,...
A chartered accountant and financial analyst in Taraba State, Olayinka Gabriel, has faulted the recent claim by a former lawmaker, Hon. Danjuma Shidi, alleging that the state’s debt has risen to N1.2 trillion, stating that the figure presented by Shiddi is misleading. Hon. Shidi who represents Wukàri/Ibi Federal Constituency...
By JOHN MKOM, Jalingo –. Former House of Representatives member, Danjuma Usman Shiddi, has voiced strong concerns over what he termed unchecked borrowing and poor fiscal accountability in Taraba State. In an open letter addressed to the Taraba State House of Assembly, traditional rulers, youth organizations, and political stakeholders,...
Federal Government of Nigeria has taken a major step toward restoring financial stability and investor confidence in the electricity market with the finalization of the implementation framework for the Presidential Power Sector Debt Reduction Plan, a landmark initiative approved by President Bola Ahmed Tinubu to address structural bottlenecks and...
In a powerful call to action, Nigeria’s Finance Minister, Wale Edun, and House Speaker, Abbas Tajudeen, have challenged West African parliaments to enhance fiscal oversight and ensure public resources deliver tangible benefits amid escalating debt challenges. Speaking at the 11th Annual Conference and General Assembly of the West Africa...
Dynamic leader of South Africa’s Economic Freedom Fighters (EFF), Julius Malema, has delivered a powerful address at the Nigerian Bar Association (NBA) Annual General Conference in Enugu on Sunday, August 24, 2025. He called on African nations to regulate loans from international financial institutions like the World Bank and...
Parents of 88 Zamfara State students stranded in Cyprus have made an urgent plea to the Zamfara State Government to settle outstanding debts owed to educational institutions, enabling their children to continue their studies. The appeal highlights the dire circumstances faced by the students, whose tuition fees, accommodation, residence...
Nigerian Senate on Tuesday approved a $21.5 billion external borrowing plan for 2025-2026, alongside a N757 billion Federal Government Bond to clear pension arrears under the Contributory Pension Scheme (CPS) as of December 2023. The approvals, which also include a 15 billion Japanese Yen loan, a 65 million Euro...
House of Representatives has mandated an investigation into Nigeria’s outstanding debt of €1.2 million to the Organisation of African, Caribbean and Pacific States (OACPS). The decision was taken following a motion moved by Deputy Chief Whip, Ibrahim Isiaka, who expressed worry over the unpaid contribution. Isiaka noted that despite...
President Bola Tinubu has written to the House of Representatives, requesting legislative approval for a new external borrowing plan of 21.5 billion dollars, alongside a domestic bond issuance of ₦757.9 billion for outstanding pension liabilities. The Speaker, Rep. Tajudeen Abbas read the request during plenary in Abuja. President Tinubu...