Tags : Debt

Nigeria Spends N6.16tn On Debt Servicing

According to the 2023-2025 Medium Term Expenditure Framework & Fiscal Strategy Paper, debt service gulped N6.16trllion in 16 months. In 2021, the Federal Government spent N4.22trllion on debt service, and further N1.94trllion between January and April 2022. A breakdown shows that domestic debt service cost N2.05trllion, while foreign debt service gulped N946.29billion in 2021. There […]Read More

Nigeria Accumulates $1.3bn Debt In One Year

According to the World Bank Fiscal Year 2022 audited financial statements, Nigeria was rated fourth on the  International Development Association borrowers’ list with $13bn IDA debt stock as of June 30, 2022. The country moved up from fifth position on the list with $11.7bn IDA debt stock as of June 30, 2021. This implies that […]Read More

China to Nigeria :  Imports Rise By 183.91%, Debts Hit

According to the National Bureau of Statistics data on foreign trade, Nigeria’s import from China rose by 183.91 percent from N530.98 billion in the first quarter of 2018 to N1.51tn in Q1 2022. NBS said China is responsible for most of the imports into Nigeria. In the five quarters under review, China was the number […]Read More

Nigeria’s Public Debt Climbs By N2.04tn In Q1

The Debt Management Office said that Nigeria’s total public debt stock increased to N41.60 trillion  in the first quarter of 2022 from N39.56 trillion as of December 2021. This shows an increase of N2.04 trillion  within a period of three months. The public debt stock covers the total domestic and external debt of the Federal […]Read More

Debt Servicing May Gulp 100% Of FG’s Revenue By 2026

The International Monetary Fund has warned that debt servicing may gulp 100 percent of the Federal Government’s revenue by 2026.   The IMF predictions are hinged on if the government fails to implement adequate measures to improve revenue generation. The IMF’s Resident Representative for Nigeria, Ari Aisen, disclosed this while presenting the Sub-Saharan Africa Regional Economic […]Read More

States’ Debts Hit N6.43tn In 2021

According to the latest data from the Debt Management Office, the domestic debts owed by state governments and the Federal Capital Territory Administration rose to N6.43tn at the end of 2021. While sub-national domestic debt stock was N4.46tn, the sub-national external debt stock was N1.97tn in 2021. The N4.46tn domestic debt represents 11.27 per cent […]Read More

Nigeria’s Debt To Five Countries Hits $4.26bn

Nigeria’s debt to China, France, Japan, India and Germany has risen to $4.26bn as of June 30, 2021 from $3.85bn at the end of 2019. Data obtained from the Debt Management Office showed that the country spent $402.74m in the 18-month period servicing bilateral loans, even as it borrowed $400m. As of December 31, 2019, […]Read More

In Three Months, Nigeria’s Debt Rises By N2.54tn

The Debt Management Office disclosed that Nigeria’s public debt has risen to N38.005tn as of the end of the third quarter of 2021. In a press statement titled, ‘DMO publishes total public debt for Q3 2021’, and published on the DMO’s website, the debt agency said the total debt figure comprised total external and domestic […]Read More

Tunisia To Borrow $7 Billion From Foreign Sources In 2022

The Tunisian government has announced new plans to grow the country’s economy in the coming year. Authorities say the country would borrow up to $7 billion from both foreign lenders and domestic sources. Tunisia’s finance minister Sihem Boughdiri said the country’s new finance laws would boost national spending by over three percent year on year […]Read More

Nigeria’s Debt-to-GDP Ratio To Hit 42% By 2026

The International Monetary Fund has projected that Nigeria’s government gross debt to Gross Domestic Product ratio will rise to 42 percent by 2026. The IMF which said this in the October 2021 Fiscal Monitor Report published on its website stressed that it is an increase  from 35.7 percent in 2021. It said the country’s gross […]Read More