debt - ProbitasNews

Kano State Grapples With Debts, Spends N60billion On Public Debt Charges In Three Months

5 months ago784 min

The payments were broken into N1.6 billion for “Domestic Interest/discount” and another N58 billion paid for “Domestic Principal.” A review of the budget performance documents of Kano State has shown that a sum of N60billion was spent by the state on public debt charges between April and June 2024. The N60billion was spent in the second quarter and this is despite the fact that only N4.6 billion was budgeted to be spent by the...

by Probitas

Nigerian Government Spends N1.3trillion On Debt Servicing After Realising N1.7trillion Revenue In 2024 First Quarter

5 months ago823 min

This development comes as the government continues to battle with high costs in relation to debt servicing to revenue ratio. A review of quarterly statistical bulletin released by the Central Bank of Nigeria has shown that the federal government spent N700 of every N1000 it made on debt servicing in the first quarter of the 2024 fiscal year (first three months of the year). In Q1 2024, the Nigerian government had a retained revenue...

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Depleting External Reserve Not Due To Defending Naira But For Debt Repayment, Says Nigeria’s Central Bank

8 months ago1126 min

The Governor of the Central Bank of Nigeria Olayemi Cardoso says the naira’s recent sharp rise is a positive verdict on policy action to curb inflation, not because the authorities have been intervening in its support. A Bloomberg report this week said Nigeria was burning through its foreign exchange reserves at a rate not seen in four years, raising concerns that the central bank was depleting its dollar holdings to support the naira after pledging...

by Probitas

News Nigeria

Nigeria’s monthly debt servicing hits $112.35m

2 years ago624 min

According to the Central Bank of Nigeria (CBN), the Federal Government spent $112.35 million servicing external debt in January 2023. According to the CBN’s Weekly International Payments data, the amount spent in January was 146.17 percent higher than the $45.64m spent in December 2022. This occurred as the federal government struggled to increase its revenue base despite its revenue generation efforts. In January 2023, the Federation Account Allocation Committee distributed N750.17 billion among the three...