Nigeria’s debt

To uncover the truth behind Nigeria’s unproductive debt binge, BusinessDay tracked what the government spent money on since the beginning of 2016, using data obtained from the budget…

There is ample data showing that no government in the history of Nigeria has been so intoxicated on debt accumulation like the current administration of President Muhammadu Buhari. Nigeria’s…

Nigeria’s recourse to foreign loans first generated public outcry in 1985 when the then-military President, Ibrahim Babangida, obtained a $2.4 billion loan from the International Monetary…

March 24, 2021 President Muhammadu Buhari, GCFR President and Commander-In-Chief Federal Republic of Nigeria State House Aso Villa, Abuja- FCT. Your Excellency, THE…

Nigeria may not be the most indebted country in the world but the penchant of the government to borrow at will without judiciously utilising said loans in critical development projects is…

In 1923-24, our British colonial overlords took the first ever loan on behalf of Nigeria, in the sum of £5.7 million. With an interest rate of 2.5% payable over 20 years, the loan was…

“Our political leaders have suddenly developed not just a taste for, but a voracious appetite for debt. As usual, most of such debts that are procured are hardly thought through.…

The 2021 budget implementation report stated that the Federal Government spent a total of N1.8 trillion on debt servicing in the first five months of the year, representing about 98 percent…

With the additional N10 trillion from the Central Bank of Nigeria’s ways and means, the debt stock of Africa’s largest economy is now N42 trillion, Patience Oniha, director general of the…

Nigeria is targeting a debt to GDP ratio of 40 percent by 2023 from the current level of 25 percent in a new Medium Term Debt Management Strategy approved by the Federal Executive Council on…