The Presidency has said Nigeria is on a firmer path to economic recovery and prosperity under President Bola Tinubu, citing significant gains in debt reduction, foreign reserves, investor confidence and trade surplus in 2024. In a detailed update posted online on his X handle yesterday, senior special assistant to the president, Otega Ogra, said the administration listed major achievements recorded …

Nigeria must transform its public debts into strategic assets for economic growth and poverty reduction, rather than viewing it as a financial burden, Vice President Kashim Shettima said yesterday. Shettima spoke while inaugurating the Supervisory Board of the Debt Management Office (DMO) at the State House, Abuja. The board is part of the Federal Government’s efforts to strengthen fiscal and …

The Debt Management Office (DMO), said, yesterday, that the Federal Government has made adequate budgetary provisions to meet Nigeria’s foreign and local debt servicing as they fall due. In the Federal Government’s 2025 budget currently before the National Assembly, President Bola Tinubu’s administration plans to spend N16. 327 trillion on its debt obligations, out of the proposed expenditure of N49.7 …

Former President Olusegun Obasanjo has described Nigeria’s growing debt profile as a significant burden for both present and future generations. Speaking during a Zoom interactive programme tagged “Boiling Point Arena” on Sunday, Obasanjo expressed concern over the nation’s rising debt profile. The PUNCH reported Nigeria’s debt had surged by N12.6 trillion in three months, reaching N134.3 trillion ($91.3 billion) by …

Nigeria’s external debt may rise to $45.1 billion by the end of 2024 as the Federal Government advances plans to secure additional external funding. The Debt Management Office (DMO) revealed in its latest report that the country’s external debt stock increased by $780 million in the second quarter of 2024, growing from $42.12 billion in March to $42.9 billion as …

Presidential candidate of the Labour Party (LP) in the 2023 general election, Peter Obi, has cried out over the nation’s rising debt profile, stating that N97.3 trillion debt is on the high side and worrisome. According to the former Anambra State governor, even more disturbing is the fact that most of these debts are not deployed for production. Obi described …

Plateau State Attorney-General and Commissioner for Justice, Barrister Philemon Daffi has said that the present administration has paid N673 million to clear off judgement debts against the state government. He said most of the judgement debts were inherited from the immediate past administration, while others dated as far back as 2002. During a monthly ministerial press briefing with members of …

The Senate committee on the Niger Delta Development Commission (NDDC) has frowned at the failure of the Federal Government and the International Oil Companies (IOCs) to remit N1 trillion funds owed the commission. At an interactive session with NDDC  management, the committee chairman, Senator Asuquo Ekpeyong (APC, Cross River South) said: “It seems as though the NDDC has revenue issues, …

The death of 30-year-old Saifullahi Salisu of Shata, Maikunkele, in Bosso Local Government Area of Niger State, who allegedly hanged himself, has thrown residents of the area into a state of shock and confusion. The deceased reportedly committed suicide following his inability to settle a debt of N250,000 he owed people in the area. It was learnt the incident occurred …

Tragedy struck in Oke-Keesi, Itoko area of Abeokuta, Ogun State, on Saturday as a middle-aged woman, simply known as Mama Dada, set herself ablaze in her rented apartment. It was gathered that the deceased committed suicide over her inability to repay a loan she took from a microfinance bank (name withheld). A source, Rasheed Aina, who resides near the deceased’s …