The Federal Government borrowed N25.36 trillion from the Central Bank of Nigeria (CBN) as at March 2023, pushing the figure from N23.53 trillion last December, The PUNCH has reported. The calculation includes N1.83 trillion borrowed through Ways and Means Advances in the first quarter of this year. The figure was according to the provisional data from the regulatory bank through …

The Federal Government is on the brink of getting a one-year extension to access the World Bank’s $750m concessional loan for Nigeria’s COVID-19 Action Recovery and Economic Stimulus on behalf of the 36 state governments and the Federal Capital Territory. The World Bank Task Team Leader for the NG-CARES, Professor Foluso Okunmadewa, confirmed the development in Ibadan, Oyo State, during …

A member House of Representatives Committee on Loans, Aids and Debt Management, Hon. Abubakar Yunusa Ahmad has said that federal lawmakers have approved the $800 million loan request of President Muhammadu Buhari. The All Progressives Congress’ lawmaker, who represents Yamaltu-Deba of Gombe State, however argued that the loan would not be utilised by the Buhari administration, saying the incoming government …

Nigeria now rates No 4 among the World Bank International Association borrowers’ list. With $13 billion International Development Association (IDA) debt stock as at 30 June 2022, Nigeria moved one step up in the list as against fourth in the corresponding period last year. The World Bank Fiscal Year 2021 audited financial statements (IDA financial statement) showed that Nigeria was …

The presidential candidate of the Peoples Democratic Party (PDP), Alhaji Atiku Abubakar has lamented Thursday’s admission by the Minister of Finance, Budget and National Planning, Hajia Zainab Ahmed that debt servicing by Nigeria now exceeds revenue figure. He then proffered four steps the government must take urgently to save the dire situation. The Minister had disclosed that Nigeria’s fiscal position worsened …