The Federal High Court, Abuja, granted a garnishee order absolute, on Central Bank of Nigeria (CBN) to release N81.9 billion to Ibeno Local Government Area of Akwa Ibom. The money is standing to the credit of the Nigerian National Petroleum Corporation (NNPC) and it’s joint venture partner, Mobil Producing...
debt
By JOY ADARA, Abuja – Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the government of President Muhammadu Buhari over the alleged “secrecy in the spending of loans so far obtained, the unsustainable level of borrowing by the government and the 36 states, debt crisis, and...
A total of $3.53bn has been paid by the Federal Government to five international oil companies as cash call arrears repayment to the IOCs, leaving an outstanding balance of $1.15bn. Latest status report on the Pre-2016 Cash Call Arrears Repayment to the IOCs as at October 31, 2021, seen...
The Federal Government’s bond offer and allotment rose by N1.99tn in the first six months of this year to N13.66tn, from the N11.67tn recorded in the corresponding period of last year. The Financial Markets Department of the Central Bank of Nigeria disclosed this in its half-year activity report for...
The Nigeria Civil Aviation Authority has shutdown main switch centre of Globacom Limited at Wuse 2, Abuja over non-payment of outstanding debt of N4.7 billion. The NCAA Director–General, Capt. Musa Nuhu, carried out the exercise on Wednesday, under the supervision of the Minister of Aviation, Sen. Hadi Sirika. Nuhu...
PATRICK ABANG, Calabar – Chairman of the Cross River State Chapter of the All Progressives Congress (APC), Alphonsus Ogar has hinted that the Ayade-led administration inherited a whopping sum of 400 billion naira debt from his predecessors. Mr. Oga disclosed this during an interactive session with journalists in Calabar...
A Federal High Court, Abuja, has threatened to grant an Asset Management Corporation of Nigeria (AMCON) suit, seeking an order to freeze the Adamawa State Government’s salary accounts over inability to pay back N84 million loan six years after borrowing. Justice Inyang Ekwo, in a ruling, gave the state...
The House of Representatives has ordered an immediate investigation into debts totalling N2.6 trillion allegedly owed the Federal Government by oil and gas companies operating in the country. A report by the Extractive Industries Transparency Initiative (NEITI) which contains the figure, said to be accruals from “failure of the...