• Agro-dealers threaten to back out of 2016/17 GES if N40 billion debt is not paid

    Agro-dealers threaten to back out of 2016/17 GES if N40 billion debt is not paid

    Agro-dealers have said they won’t participate in the 2016/2017 Growth Enhancement Support (GES), scheme if their outstanding balance of over N40 billion is not paid.

    The successive government entered into agreement with agro-dealers to supply farm inputs to farmers under the GES scheme, the agro-dealers were owed about N61 billion from the farm inputs that was supplied to the farmers, the present administration pledged to complete the payment with an initial commitment of N20 billion which was about 35 per cent of […]

  • Lagos bizman commits suicide over debt, failed home

    Lagos bizman commits suicide over debt, failed home

    A Lagos businessman in his late 60s, James Oriri, was said to have allegedly committed suicide on Friday, in his office, at 393, Old Ojo Road, Satellite Town, Lagos.

    It was gathered that a large crowd besieged the four-story office complex, once the incident became public knowledge, to catch a glimpse of the man.

    Oriri, it was learnt was the Managing Director of Awore Consult, a firm that claims to be an expert in educational consultancy, for people seeking admission to universities, […]

  • Senate Pledges to Strengthen AMCON’s Debt Recovery Drive

    Senate Pledges to Strengthen AMCON’s Debt Recovery Drive

    The Chairman of Senate Committee on Banking, Insurance and other Financial Institutions, Senator Rafiu Ibrahim, yesterday said time would soon run out on recalcitrant obligors of the Asset Management Corporation of Nigeria (AMCON), given the renewed commitment of the lawmakers to support AMCON’s debt recovery drive.

    Members of the Senate Committee on Banking, Insurance and other Financial Institutions are in Uyo, for a three-day retreat to deliberate on the best approaches to be adopted to help the challenged Nigerian economy.

    The theme […]

  • Reps to investigate over N2trn AMCON Debt

    Reps to investigate over N2trn AMCON Debt

    A joint committee of the House of Representatives is to investigate the inability of the Asset Management Company of Nigeria (AMCON), to recover over two trillion Naira, it has given out to cover bank debts.

    The sponsor of the motion, Rep. Johnbull Shekarau, observed that the inability of the agency to recover this money has made it difficult for the agency to redeem a three-year zero coupon bond, it acquired from the Central Bank of Nigeria (CBN).

    The committees on Banking and […]

  • Nigeria’s $64bn debt overhang raises fresh concerns

    Nigeria’s $64bn debt overhang raises fresh concerns

    Ten years after Nigeria exited the London and Paris Club debts through debt buyback that reduced its obligations from $35 billion to $5 billion in 2006,  the country is again in the throes of  a deeper debt mess.

    Latest official statistics have it that in just ten years, 2006 – 2016, the nation’s borrowing and outstanding interest have exceeded its London and Paris debt levels and now threatening to compound its economic recovery efforts.

    This comes amidst Monday’s warning by Fitch Rating […]

  • Nigeria’s total debt stock is N16.3 trillion – Minister

    Nigeria’s total debt stock is N16.3 trillion – Minister

    Nigeria’s total national debt stock for both the Federal Government and the States stood at N16.3 trillion as at June 30, this year.

    The Minister of Budget and National Planning, Udoma Udo Udoma, who disclosed this said it is made of foreign liabilities of N3.2 trillion and domestic liabilities of N13.1 trillion.

    According to the Media Aide to the Minister, James Akpandem, it was necessary to correct a misconception carried in the media regarding the Minister’s response to the country’s debt status […]

  • Why we are turning to debt – Buhari explains

    Why we are turning to debt – Buhari explains

    Nigeria’s President Muhammadu Buhari has said the country is looking to raise funds by borrowing from World Bank, the African Development Bank, the Chinese Ex-Im Bank and other development finance partners but with a promise that the borrowed funds would not be frittered away.

    Buhari said in an article published online by Bloomberg that his government had already begun to raise a $1 billion Eurobond, the country’s first in three years, as part of broader plans to revive Nigeria’s almost comatose […]

  • ALERT!!! Nigeria’s debt profile rises to N16.29tn

    ALERT!!! Nigeria’s debt profile rises to N16.29tn

    Nigeria’s debt profile has risen to N16.29tn, barely sixteen months after President Muhammadu Buhari took over seat of power.

    Statistics released by Debt Management Office, DMO, on Tuesday, show that Nigeria’s total debt liability had risen to N16.29tn as of June 30, 2016. As of June 2015, the country’s total debt stood at N12.12tn.

    This means that within the one-year period (July 2015 to June 2016), the country’s total debt rose by N4.17tn, or 34.41 per cent.

    A breakdown of the country’s debt […]

  • Egbin Power Station begs FG to pay N86bn debt

    Egbin Power Station begs FG to pay N86bn debt

    The Chief Executive Officer of Egbin Power Plc, Mr Dallas Peavey, has said the company is highly constrained by more than N86 billion debt owed it by the Federal Government.

    Peavey made the appeal in Lagos on Saturday during the company’s scholarship award programme to schools within Ijede community in Lagos State.

    He said the debt is disrupting its operations. He also said gas supply had been a major challenge to power generation. He said, “We have a total generation output of 1,320MW […]

  • Jonathan’s administration left N65bn fertiliser debt for Buhari — Presidency

    Jonathan’s administration left N65bn fertiliser debt for Buhari — Presidency

    The Federal Government has decried the inability of the previous administration to settle outstanding N65 billion debt owed to fertiliser suppliers.

    This is contained in a statement issued on Monday by Garba Shehu, the Senior Special Assistant on Media and Publicity to the President.

    Mr. Shehu said it was wrong for the Goodluck Jonathan administration to purchase fertilisers worth N65 billion since 2014 and left the bill unpaid.

    He said that the Federal Government had to pay off the debt so that the […]

  • Ex- GMDs raise alarm over NNPC debt

    Ex- GMDs raise alarm over NNPC debt

    The Group Managing Director of the National Petroleum Corporation (NNPC), Dr. Maikanti Kacalla Baru, and the former GMDs of the Corporation including the immediate past GMD and the current Minister of State for Petroleum Resources, Dr. Emmanuel Ibe Kachikwu, yesterday raised the alarm over its debt profile.

    They advised that as a matter of urgency, NNPC should establish the true state of its current financial status and immediately decide on the most appropriate capitalisation model.

    The former corporation’s chiefs had a one-day […]