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Within Five Years, Almost All Depended On FAAC
Between 2016 and 2020, the 36 states in Nigeria earned N5.30 trillion. The states also got N10.19 trillion from the Federation Accounts Allocation Committee and borrowed N1.84 trillion from domestic sources. These figures are according to data from National Bureau of Statistics through analyses of IGR and FAAC data from the and domestic loans data…
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Nigeria Serviced Debt With N1.47tn In 6 Months
The Debt Management Office has revealed that Nigeria spent N1.47 trillion on debt servicing payments in the first half of 2021. In the first quarter of the year, the country spent N1.02tn on both domestic and external debt servicing, while a total of N445.45bn was spent in the second quarter of 2021. Between January to…
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Five States Lead Subnational Debts In Q2 2020
Data from the Debt Management Office has revealed that Lagos, Rivers and Akwa Ibom are the three most indebted states within the country at the end of the second quarter of 2021. The domestic debts owed by state governments and the Federal Capital Territory Administration stood at N4.12tn, representing 18.94 percent of the country’s domestic…
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Nigeria Spent N445bn On Debt Servicing In Q2
Data obtained from the Debt Management Office have shown that Nigeria has spent a total of N445.4 billion to service the debt in the second quarter of this year. From April to June 2021, Nigeria spent N322.7bn on domestic debt servicing, while $299m (N122.7bn) was spent on external debt servicing. The exchange rate of the…
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Nigeria Serviced Domestic Debts With N612.7b In 3 Months
The Federal Government has spent N612.71 billion from January to March 2021 to service domestic debt obligations. In a report by the Debt Management Office, the government redeemed its Nigerian Treasury Bills (obligations by paying holders of mature NTBs N17.23 billion in January, N12.3 billion in February and N5.49 billion in March 2021– totalling N35.03…
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Nigeria Borrowed $2.02bn Loan From China In 6 Years
Under the Buhari’s administration, Nigeria has secured $2.02bn as loans from China in six years. This is according to data obtained from the Debt Management Office, which showed that Nigeria’s total debt from China as of June 30, 2015 stood at $1.38 billion. Meanwhile, as of March 31, the country’s debt portfolio from China had…
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Nigeria Debts Stock Hits N32.9tr
The Director General of the Debt Management Office (DMO), Patience Oniha, has said the Federal and State cumulative debt has hit a sum of N32.9 trillion . According to her, “It is useful to state that the Public Debt figures published by DMO are the Debt Stock of the FGN, the 36 states and the…
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Nigerian State Total Domestic Debt Increases By 84 Billion
The latest data from the debt management office shows that 12 states were able to reduce their local debt in the last 12 months with Kogi reducing its domestic debt stock by 59.15 billion Naira. The decline from these states couldn’t affect the total domestic debt from all 36 states including the FCT as the…