Nigeria is among a dozen countries in danger of debt default, six of them African, a Reuters report has revealed. Traditional debt crisis signs of crashing currencies, 1,000 basis point bond spreads and burned FX reserves point to a record number of developing nations now in trouble. Lebanon, Sri Lanka, Russia, Suriname and Zambia are Read More…
Debt
Lagos Govt, Assembly clarify LCC ‘takeover’, say House resolution was for loan conversion
Contrary to its earlier resolution on the Lagos Concession Company (LCC), the Lagos House of Assembly says it only approved Gov. Babajide Sanwo-Olu’s request to convert the $53.9 million Lagos Concession Company (LCC) private loan to a public sector loan. On Monday, 9th August 2021, it was reported that the Lagos State House of Assembly Read More…
Proceeds from Lagos N100BN Bond utilised for capital projects – DMO
The Permanent Secretary, Lagos State Debt Management Office (DMO), Mr. Olujimi Ige, has disclosed that funds accessed by the State Ministries, Departments and Agencies from the proceeds of the N100bn Bond issued in January 2020, were used for developmental and capital projects across the State. Commenting on the Bond issued early last year by the Read More…
Lagos, 10% of domestic debt as national portfolio hits N28.63trn
PICTURE ABOVE CREDIT: Stears Business The National Bureau of Statistics (NBS) said on Friday that the total public debt portfolio of the Federal and State Governments as of March 31 stood at N28.63 trillion. The NBS made this known in its Nigerian domestic and foreign debt report released in Abuja. The bureau said that further Read More…