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FG Owes Five Countries $4.85bn
Data from the external loans reports obtained from the Debt Management Office has shown that the Federal Government of Nigeria borrowed about $3.27 billion from five countries between June 30, 2015 and September 30, 2022. DMO said that within the period, Nigeria’s borrowings from the five countries rose by 206.96 per cent from $1.58bn in…
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Debt Servicing To Gulp 123% Of 2023 Revenue
The latest projection by the World Bank has shown that debt servicing will gulp 123.4 per cent of the Federal Government’s revenue in 2023. The projection was made by the new World Bank Lead Economist for Nigeria, Alex Sienaert, in November 2022, in a document entitled, ‘Nigeria Public Finance Review: Fiscal Adjustment for Better and…
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FG borrows N2.45tn from CBN
Through Ways and Means Advances, the Federal Government’s total borrowing from the Central Bank of Nigeria has risen from N17.46 trillion in December 2021 to N19.91 trillion in June 2022. According to data from the CBN, this shows that the Federal Government borrowed N2.45tn from the apex bank within six months. According to the Debt…
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Borrowing From Local Investors Rises 21% in H1’22
The Federal Government borrowed N4.2 trillion from local investors in the first half of the year , representing 21 per cent, year-on-year. This is an increase from N3.89 trillion borrowed in the first half of 2021 (H1’21). The increased borrowing was driven by a 30 per cent increase in FGN Bond sales, 49 percent increase…
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Investment In FGN Savings Bonds Rise By 53%
Analysis has shown that investment in the FGN Savings Bonds rose by 53 per cent, year-on-year, YoY, to N7.5 trillion in the first half of the year (H1’22), from N4.9 trillion in the corresponding period of last year (H1’21). There was a sharp increase in investors’ patronage for FSB in H1 ‘2022 is driven by…
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Nigeria Spends N896.7bn On Debt Servicing In Q1’22
The Debt Management Office has said that Nigeria spent N896.7 billion on domestic and foreign debt servicing in the first quarter of 2022, Q1’22. This represents a 12 per cent year-on-year (YoY) decline from N1.02 trillion spent in the corresponding period of 2021. In its External and Domestic Debt Service Payment Reports for Q1’22, the…
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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…
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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…
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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…
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Nigeria Incurs N950bn Domestic Borrowing In Q1 2022
The Debt Management Office has revealed that the federal government of Nigeria has incurred a new N950bn domestic borrowing between January 2022 and March 11, 2022. The fresh borrowing was disclosed by the Director-General of the DMO, Patience Onihain in the presentation of the Public Debt Data as of December 31, 2021. In the…