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...
debt
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...
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...
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...