The Asset Management Corporation of Nigeria (AMCON) says its debt recovery task has been arduous and challenging as some debtors are unwilling to pay. AMCON Head of Corporate Communications Department, Mr Jude Nwauzor, made this known while briefing newsmen in Ikeja on Friday. He said that some debtors did...
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The House of Representatives has secured the commitment of seven major oil companies to pay the $37,435,094.52 (approximately ₦58 billion) owed the country before August. This is contained in a statement issued by the Spokesman of the House of Representatives, Rep. Akin Rotimi Jr., in Abuja on Monday. Rotimi...
By DAVID IORJA, Abuja– Vice President Kashim Shettima has inaugurated the Supervisory Board of the Debt Management Office as part of efforts by the Federal Government to strengthen fiscal and monetary policy coordination and ensure long-term debt sustainability in line with President Bola Ahmed Tinubu’s Renewed Hope Agenda. Speaking...
The Edo Assets Verification Committee says it has uncovered some irregularities in award of contracts, including a N200 billion road contract debt in the last administration’s record. Dr Ernest Umakhihe, Chairman of the committee, told journalists on Thursday in Benin that some contractors even returned mobilization fees to government...
Osun State Governor, Ademola Adeleke on Wednesday said his administration has paid N12bn pension debt in his two years as governor of the state. Adeleke made this known during his state broadcast to mark the two years anniversary of his administration. While reeling out the achievements of his administration, ...
The Joint United Nations Programme on HIV/AIDS (UNAIDS), has released a report on how debt crisis is jeopardising progress aimed at ending AIDS in Sub-Saharan African countries. According to UNAIDS, Sub-Saharan African countries account for a significant majority of people living with HIV globally – 25.9 million people of...
Delta State Governor, Sheriff Oborevwori has defrayed a total sum of N130 billion of the N465 billion inherited debt from previous administrations in the state. This was disclosed at a joint news conference by the Governor’s Executive Assistant, New Media, Mr Felix Ofou, and Mr Norbert Chiazor, Executive...
The Kano Electricity Distribution Company (KEDCO), has reconnected power supply to Aliko Dangote University of Science and Technology, Wudil, after the payment of N100 million. The Vice Chancellor, Prof. Musa Yakasai, confirmed the restoration of power supply to the News Agency of Nigeria (NAN) in a telephone interview...
The Kano Electricity Distribution Company (KEDCO) has disconnected power supply to Aliko Dangote University, Wudil, over outstanding debt of N248 million. The Managing Director, KEDCO, Alhaji Abubakar Yusuf, told the News Agency of Nigeria (NAN) in a telephone interview on Monday that the company had no choice but...
The Debt Management Office, has said the rise in Nigeria’s public debt stock from N97.34 trillion in December, 2023 to N121.67 trillion in March is partly due to exchange rate fluctuations. The Director-General of DMO, Patience Oniha, said this in an interview with the News Agency of Nigeria (NAN)...
By DANJUMA JOSEPH, Lafia – Nasarawa State Governor, Abdullahi Sule, on Wednesday said his administration has offset over N50bn loan inherited even as he said money is being saved for the future of the state Governor Sule, who disclosed this when he addressed critical stakeholders of the...
The Director, Special Projects, Federal Ministry of Finance, Aisha Omar, has said the ministry has so far recovered N57 billion from the N5.2 trillion owed by Ministries, Departments and Agencies (MDAs). Omar disclosed this during the Sensitisation Workshop on Federal Government Debt Recovery Drive through Project Lighthouse Programme...
Kaduna State Governor, Uba Sani 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 at...
Management of Ibadan Electricity Distribution Company (IBEDC) Plc says it was as compelled to disconnect power supply to University of Ibadan College Hospital (UCH) due to an outstanding debt. IBEDC’s Chief Key Accounts Officer, Johnson Tinuoye, in a statement issued on Wednesday in Ibadan, said that the amount...
The House of Representatives has dismissed a petition accusing the Managing Director of the Nigeria Ports Authority (NPA), Mr Bello Koko of recording a bad debt of N178 billion in the audited financial statement of the authority in 2019. A group, the Forum of Non-Governmental Organisations in Nigeria,...
By EZEKIEL OBI, Abuja – The Chief of Army Staff (COAS), Lt.- Gen.Taoreed Lagbaja, has said that corpses are decomposing in mortuaries of some barracks of the Nigerian Army owing to power outage. The Army Chief disclosed this when he visited the Minister of Power, Mr Adebayo Adelabu on...
The Minister of Power, Mr Adebayo Adelabu, says the Federal Government is committed to settling more than three trillion Naira debt it inherited in the power sector. Adelabu said this in Abuja on Wednesday when he briefed newsmen. “Today, we are owing the Power Generating Companies (GenCos) a...
By CALLISTUS OFFOR, Abuja – Former presidential aide and social critic, Mr. Reno Omokri, has revealed how former President Muhammadu Buhari destroyed the country’s economy under his 8-years tenure. NATIONAL ACCORD recalled that between 2016 and 2022, the Buhari led government raised total revenues of N26.67tn and expended...
While the explosion of debt is throwing a shadow over global economic growth, experts warn that Sub-Saharan Africa, where several countries are already in default, is experiencing its worst-ever crisis. The rise in interest rates and over-indebtedness is already crimping the ability of countries to finance their development, as...