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World Bank approves $2.25 billion loan to bolster Nigerian economy

The World Bank has approved a $2.25 billion loan for Nigeria aimed at stabilising the economy following recent reforms and enhancing support for the nation’s poor, the financial institution announced in a statement on Thursday. In April, Finance Minister Wale Edun revealed Nigeria’s intent to secure up to $2.25 billion in loans from the World Read More…

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Lagos tops Nigerian states in debt as national public debt reaches N97.34 trillion

The National Bureau of Statistics (NBS) has released a concerning report on Nigeria’s public debt stock, which has surged to N97.34 trillion ($108.23 billion) in the fourth quarter of 2023. This represents a 10.73% increase from the previous quarter, with Lagos State leading the charge in both domestic and external debts. The NBS report indicates Read More…

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Nigeria’s financial sector navigates global debt surge, balancing risks

As Nigeria grapples with its debt dynamics, expert voices weigh in on the delicate equilibrium between issuance and investor sentiment. Thys Louw, seasoned portfolio manager at Ninety One, highlights the central concern: the divergence between debt issuance and inflows into dedicated funds. For high-yield issuers, this divergence poses a significant challenge. In a Reuters report, Read More…

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Approval Granted: Nigeria Secures $1 Billion AfDB Loan for Budget Support and Forex Supply

Finance Minister Olawale Edun announced the Federal Executive Council’s (FEC) approval of a $1 billion concessional loan from the African Development Bank (AfDB) aimed at bolstering the budget and enhancing foreign exchange reserves. Edun revealed the loan details, citing a 4.2% interest rate over 25 years with an eight-year moratorium, following a cabinet meeting in Read More…

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Amid rising Nigerian interest payments, IMF calls for tighter fiscal measures in Sub-Saharan Africa

Nigerian interest payments, along with those in many other sub-Saharan African countries, have been on an alarming rise. This surge in interest payments has outpaced critical areas of public spending, including health, education, and investment. As a result, the International Monetary Fund (IMF) has issued a strong call for African policymakers to undertake significant fiscal Read More…

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Unveiling Nigeria’s N23 Trillion Debt Quandary: Navigating Accountability and Economic Stability

On Thursday last week, the Nigerian Naira experienced a significant drop to an unprecedented low against the US dollar in the unregulated market, as reported by currency traders nationwide. In Lagos, traders near the Ikeja area noted an exchange rate of N935.00 per dollar, while in Abuja, dealers reported trading at N950.00 per $1, a Read More…

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Nigerian finance minister: debt trajectory sustainable, no 2023 bond sale

The path that Nigeria’s debt is headed down is manageable. The country’s Minister of Finance, Zainab Ahmed, said on Wednesday that the government had no plans to borrow money from foreign capital markets and that it planned to make major changes to its large debt service-to-revenue ratio throughout the year. The government of Nigeria spent Read More…

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2023 Appropriation Bill passes second reading as Reps kick against subsidy, debt profile

The House of Representatives passed the 2023 appropriation bill for second reading despite opposition from members about the nation’s high debt level and ongoing fuel subsidy payments. The two problems, according to the House, are the main causes that are harming the country’s economy. The breakdown of the budget was read to the House at Read More…

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Nigeria’s public debt rises to ₦42 trillion in second quarter

Nigeria’s total public debt stock rose to ₦42.84 trillion ($103.31 billion) by June from ₦41.60 trillion ($100.07 billion) in March, according to the Debt Management Office (DMO) In a statement issued by DMO on Tuesday, the total debt represents the domestic and external debt stocks of the Federal Government of Nigeria (FGN), the 36 State Read More…