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...
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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...
Prof. Zainab Duke- Abiola, wife of late Chief MKO Abiola, has lauded President Bola Tinubu for his economic reforms, resulting in the repayment of $3.4 billion dollars debt owed to the International Monetary Fund (IMF). In a statement she personally signed on Friday, Duke-Abiola noted that the milestone had...
Minister of Information and National Orientation, Mohammed Idris, has confirmed that Nigeria has fully repaid the 3.4 billion dollars COVID loan from the International Monetary Fund (IMF). The Minister said this while briefing State House Correspondents after the sixth Federal Executive Council (FEC) meeting on Monday. Idris addressed some...
Abia State Governor, Alex Otti has disclosed that his administration has paid N72 billion from the N138 billion debt it inherited from past administrations on assuming office. Otti made this known during a monthly media briefing on Wednesday at the Government House, Umuahia. He said that going by Debt...
By JOY ADARA, Abuja- The Director-General (D-G) of the National Pension Commission (PenCom), Omolola Oloworaran, has said that newspaper organisations in the country were owing retired journalists more than N1.3 billion unpaid pension contributions. Oloworaran disclosed this when she led a delegation of the commission to the Nigerian Press...
The Federal Government has said it plans to pay Power Generation Companies (GenCos) two trillion Naira out of the four trillion Naira debt owed them before the end of 2025. The Minister of Power, Mr Adebayo Adelabu said this on Thursday in Abuja at the 6th Edition of the...
The Court of Appeal on Wednesday reserved ruling in the motion to adduce fresh evidence in the N2.5 billion debt owed 110 disengaged staff members of the Ahmadu Bello University (ABU) Zaria. The appellants are the ABU management, the Minister of Education and the Attorney-General of the Federation while...