Lessons for Nigeria on borrowing as Rwanda finances 84% of budget
Nigeria may need to explore innovative measures of improving productivity and generating revenue beyond increased borrowing, if it hopes to increase its Gross Domestic Product (GDP)
Massive debt wave could crash on developing countries, World Bank warns
A wave of debt in emerging and developing nations has grown faster and larger than in any period of the last five decades and could end with another crisis
Fresh loan may raise debt servicing to N3tr
The nation’s budgetary provisions for debt servicing could rise to N3 trillion if the Federal Government goes ahead with its $29.96 billion loan request.
Court orders seizure of aircraft over judgment debt
A federal High Court sitting in Lagos has ordered the seizure of an aircraft belonging to Emirates Airlines over a N8.1 million judgment debt.
Opposition party cautions Buhari against external debt
The opposition Action Democratic Party (ADP) has cautioned President Muhammadu Buhari against worsening the debt profile of the country. ADP’s National Chairman, Yusuf Yabagi, told reporters in Abuja that Nigeria could suddenly become bankrupt with incessant borrowing.
IMF claims global economy faces $19tn corporate debt timebomb
Low-interest rates are encouraging companies to take on a level of debt that risks becoming a $19tn (£15tn) time bomb in the event of another global recession, the International Monetary Fund (IMF) has said.
Bogus, over-priced contracts plunge NDDC into N2tr debt
Spurious overpriced contracts without recourse to due process have been blamed for the over N1 trillion debt profile of the Niger Delta Development Commission (NDDC). Nothing else typifies this more than the N60 billion emergency contracts awarded within five months by the immediate past board of the commission.
DOAS de-registers Outdoor Advertising Agencies over N2.1b debt
The Department of Outdoors Advertisement & Signage [DOAS] has commenced de-registration of all Outdoor Advertising Agencies operating in Abuja, due to N2.1b debts owed the Federal Capital Territory (FCT) administration. The agency has since commenced the pulling down of signages and signposts across the territory. Director of the agency, Dr. Babagana Adam, who disclosed this yesterday, while…
AMCON takes over steel firms for N3.6 billion debt
Following the order of Hon. Justice B.F.M. Nyako of the Federal High Court Asset Management Corporation of Nigeria (AMCON) has taken over Bao Yao Futurlex Iron & Steel Company Limited in Abuja and Bao Yao Huan Jian Iron & Steel, Calabar, Cross River State.