Nigeria is broke, borrowing to service debts
82.9 Million Nigerians Currently Live Below Poverty Line— ActionAid Lead Director of the Centre for Social Justice (CSJ), Mr. Eze Onyekpere, has said Nigeria is broke and is borrowing money to service old debts. Speaking at a two-day National Summit on Tax and Development, organised by ActionAid Nigeria, in Abuja, Onyekpere said continued borrowing to…
‘Modern slaves are not in chains; they are in debts’
I welcome the House of Representatives decision to probe the $400 million Chinese loan. But the probe appears to primarily focus on the sovereign clause in the loan agreement.
How N100b ticket refunds may cripple travel agencies
Travel agencies in the country are on the verge of being thrown into heavy debts as customers continue to press for the refund of unused tickets, though the requests are being declined by many foreign airlines.
Obasanjo’s fears of mounting jumbo debts and repayment agonies
Organizers of the ‘Why I am Alive’ campaign celebration could have expected interesting twists when they invited former President, Olusegun Aremu Obasanjo to tell ‘the Nigerian story’ in Lagos at the weekend
Nigeria’s fiscal challenges dent domestic debts refinancing agenda
In 2017, the then Minister of Finance, Mrs. Kemi Adeosun, embarked on a $3billion Eurobond debt. She explained that the move was to take advantage of the favourable international market to raise cheap funds for the country, mostly to refinance Federal Government’s maturing local debts.
IMF cuts growth projection, warns Nigeria, others on rising debts
International Monetary Fund (IMF), the global economic advisory body, has again cut the world’s growth forecast for this year, and warned against compounding more debts, with emphasis on developing nations to avert derailing their sustainable goals. IMF also warned nations with high debt stock to be wary of new listing, among them Nigeria, whose debt…
Debts, oil, others fetch CBN $15 billion
The Central Bank of Nigeria (CBN) made $14.51 billion in the fourth quarter of 2018 from government’s debts and crude oil proceeds, its economic report for the period has shown. Also, other non-oil receipts like interests on reserves and investments, unutilised funds from foreign exchange (forex) transactions and money from international money transfer operations contributed…
Debts: Road to second slavery - Part 2
The conditionality channel was in fact most influential. It was the anticipation of possible debt cancellation that broke the political deadlock that had prevented policy reforms for a long time. Mrs. Ngozi Okonjo-Iweala got lots of plaudits from this brilliant move that saved Nigeria the much sought after $18 billion debt relief. Although this writer…
Still on losses, bad loans and debts
Recent media reports have indicated that Nigeria has lost huge revenue in various segments of the economy, including the agricultural and financial services sectors. For instance, the Federal Government has spent a total of N3.49 trillion on domestic debt servicing and payment between January 2015 and September 2017. In the same period, the country paid…