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Tag: Debt

  • Tour operators flay NAHCON over N15bn debt

    Tour operators flay NAHCON over N15bn debt

    Association for Hajj and Umrah Operators of Nigeria (AHUON) says the National Hajj Commission of Nigeria (NAHCON) is owing its members over N15 billion.

    Its President, AbdulLateef Ekundayo, made this known in a statement on Saturday in Abuja.

    According to him, it is the practice of the Saudi Government after each Hajj operation to refund money to countries on three grounds.

    They include services paid by pilgrims but not rendered, services paid for but poorly rendered to the agreed standard and tent security deposits.

    ”Our members are being owed all these categories of money from 2022 hajj to date by the commission. They confirmed in our meeting with them that they have received the sum of 20 million Saudi Riyals of such refund from the Saudi authority since December 2023.”

    According to Ekundayo, the commission is yet to formally notify them on the money, adding, ”not to talk less of agreeing on the modalities of the refund’s payment.

    ”Even these 20 million Saudi Riyals, if not for the investigation EFCC conducted on the commission, we wouldn’t have known that it has been paid since December, 2023.

    ”We only got to know through media reports, before they now confirmed to us at our last meeting. What stopped them from calling the tour operators since December 2023 to come forward to claim their money? They kept quiet.”

    He said that during the recently concluded 2024 Hajj operation, NAHCON received and warehoused over N2.7 billion as caution deposits from tour operators.

    Ekudayo said, ” By our agreement with the commission, the funds were to be released two weeks after the conclusion of the Hajj.

    ”NAHCON has refused to refund any of the companies that applied for it, instead they are asking for more money as an increase to the 2023 Hajj deposit.

    ”From the year 2004 to date, the commission has attested to have held our members’ funds through several engagements example unused visa, excess payments and Umrah deposits.”

    He expressed concern that the commission has not shown any sign of refunding such funds.

    Ekundayo added, ” In fact, our agreement with the commission to publish the list of the companies under this category since 2023 has not been met.

    ”It is worth noting that many of our members have passed on waiting for these refunds.”

    The president added that for many years, some members of the association have millions of Saudi Riyals’ balances in their Saudi accounts (IBAN), which they can’t access.

    ”For over three years now, we have engaged the commission to facilitate the release of those funds to our members, but it refuses to do anything about the issue.

    ”Apart for the above refund issues, we requested the commission to accept Bank guarantee which their Act permits, in place of cash deposit considering the perennial challenges we have been facing with refund.

    ”It is worth noting that our members receive nothing as income from the amount we deposit annually,” he said.

    Meanwhile, NAHCON has assured that it would address legitimate concerns raised by the association. The commission’s Assistant Director, Public Affairs, Mrs Fatima Usara, said this in a statement on Friday in Abuja.

    ”While we acknowledge the issues raised regarding accumulated refunds, it is important to clarify that NAHCON has been in continuous communication with AHOUN on this matter.

    “The delay in resolving certain financial issues stemmed from the complexities of Hajj operations, which involve multiple stakeholders, both locally and internationally, including Saudi authorities.

    ”NAHCON wishes to reassure AHOUN and the public that it has no intention of downplaying or neglecting the issue of refunds,” she said.

  • Gov Oborevwori defrays N130bn of N465bn inherited debt

    Gov Oborevwori defrays N130bn of N465bn inherited debt

    Gov. Sheriff Oborevwori of Delta has defrayed a total sum of N130 billion of the N465 billion inherited debt from previous administrations in the state.

    This was disclosed at a joint news conference by the Governor’s Executive Assistant, New Media, Mr Felix Ofou, and Mr Norbert Chiazor, Executive Assistant, Media, on Tuesday in Asaba.

    Ofou said that Oborevwori’s administration was transparent, prudent and dedicated to delivering the dividends of good governance to the people of the state.

    According to Ofou, the State Auditor-Generals Report for 2023 has been published and is open to the general public.

    “We run an open government and several publications on the activities and achievements of the current government are in the media space.

    “This administration inherited a debt of N465 billion from successive government and as at March, this year, the Oborevwori-led government has paid N130 billion of that money.”

    He said that the governor had taken deliberate step to pay back the debts and clear all the debts before leaving office to ensure no debt burden was passed to the next generation.

    Ofou said the governor saved an operating surplus of N205 billion in the coffers at the end of 2023, adding that the government had not borrowed a dime since inception.

    He said that the governor had continued with completion of all inherited projects as well as initiated 71 new road projects across the state.

    According to Ofou, every project initiated by the governor has financial backings.

    “Oborevwori is known for his prudence and financial discipline.

    “As attested by former President Goodluck Jonathan while inaugurating the ultramodern Judiciary complex in Asaba, Oborevwori returned N500 million to state coffers at the end of his tenure as  Speaker of the State House of Assembly.

    “The governor also demonstrated prudence and integrity when he left and handed over three months local government council allocation of N14 billion to the newly elected Chairmen in the state.”

    He lauded the governor’s commitment to welfare of state workers and his empowerment programmes for the Girl Child, artisans, persons with disabilities and the indigents resident in the state.

    “In spite of the numerous completed and ongoing projects, N78 billion Warri/Effurun Julius Berger project, Ughelli/Asaba Dualisation road project, the N40 billion loan LG council workers’ pension relief, engagement of over 2000 teaching and non – teaching primary school staff, Oborevwori has not borrowed a dime.”

    He also listed massive work in the state owned new three universities and other sundry projects

    Ofou said the governor’s M.O.R.E Agenda mantra was an umbrella for youths, Women, Girl Child and all classes of persons, adding that the governor’s philosophy spiked development in all three senatorial districts of the state.

    “No part of Delta is neglected; aside all ongoing projects, Warri and environs have been turned into construction site with roads and storm drainages constructed.

    “In Delta-North, work on Ughelli/Asaba road is moving at a fast stage; Beneku bridge is 95 per cent complete; the Isheagwu bridge, Ibusa/Okpanam bypass,  other massive roads projects are visible imprint of the administration,’’ he said.

    On his part, Chiazor, said the current administration’s achievement was being under reported, adding that his office would encourage media engagement and tour of projects.

    According to him, Oborevwori is also giving attention to human capital development.

    “Things are changing in Warri axis,; the N78 billion Julius Berger project is iconic.

    “The issue of his leaving N14 billion for incoming LG Chairmen and the newly inaugurated Ibusa/Okanam bypass among other numerous completed and ongoing projects across the state are testament of the governor’s credibility.’’

    He said that the governor had respect for the media while tasking journalists to explore and report objectively.

    “We welcome constructive criticism,’’ he said.

  • N180bn debt: EEDC to disconnect Government Houses, CBN, army, others

    N180bn debt: EEDC to disconnect Government Houses, CBN, army, others

     The Enugu Electricity Distribution Company (EEDC) has threatened to begin to disconnect Government Houses, Central Bank of Nigeria (CBN) offices, Nigerian Army and others in the South-East allegedly owing the company.

    The company issued the threat in a statement signed by it’s Head of Corporate Communications, Mr Emeka Ezeh, and made avaible on to newsmen in Enugu on Friday.

    Eze stated that the listed organisations were indebted to the company to the tune of over N180 billion for energy consumed.

    He argued that the planned disconnection was part of the company’s strategies to recover its money.

    He listed the affected defaulters to include the Enugu State Government, Ebonyi Government, Anambra Government, Abia Government, Imo Government; Innoson Technical and Industries; University of Nigeria (Enugu and Nsukka Campuses) and Nigerian Bottling Company.

    Others are the Nigerian Army, Nigeria Police, Nigerian Air-Force, Nigerian Navy, Nigeria Railway Corporation, National Drug Law Enforcement Agency; UNTH Ituku-Ozalla; Ebonyi State University; Coal Corporation Quarters and Federal Secretariat and Establishments.

    “We are also disconnecting GMO Rubber Division; Nnamdi Azikiwe University, Awka; Ebonyi State Government’s Ecumenical Centre One; Nigeria Prisons Training School; CBN offices; M/S Concorde Hotel, Owerri and Federal Teaching Hospital, Abakaliki.

    Also included are Enugu High Court; Reliable Steel and Plastic Industries Ltd; Jilnas Industries; BENGAS Nigeria Ltd; CIFO Petroleum Ltd; STANEL Filling Station, Highlift Pumping Station; FINOC Industries Ltd; Aluminium Extrusion Industries Ltd. and VIN VAL Ltd.

    The rest are Local Government offices; St. Davids Porter Nigeria Ltd; Gees Denver Company Limited; the Federal Ministry of Works, Hospitals Management Board and DONLINK Plastic Industries, among many others,” he said.

    The EEDC spokesman warned that effective from June 10, 2024, the company would commence massive disconnection of supply to the customers and others with outstanding bills.

    “This exercise has become necessary, considering the huge (over N180 billion) unpaid electricity bills and accrued arrears,” he added.

    According to him, the situation has consistently put the company in a precarious revenue deficit position, making it difficult to meet its power purchase obligations.

    “For EEDC to continue to provide services to its esteemed customers, it is pertinent that electricity bills, which are for energy already consumed, are paid in full.

    “If this is not done, it will be difficult for the company to suatain its operations to serve customers and enhance the quality of service,” Eze said.

    He, therefore, appealed to the affected customers to endeavour to clear their arrears on or before June 10, to avoid being disconnected.

    He noted that the notice of disconnection applied to all the categories of customers (Maximum Demand and Non-Maximum Demand) that were indebted to EEDC.

  • FG to pay N130bn as part of gas supply debt

    FG to pay N130bn as part of gas supply debt

    The Federal Government says it will soon begin the payment of N130 billion as part of gas supply debts in the Nigerian Electricity Supply Industry (NESI).

    The Minister of Power, Mr Adebayo Adelabu, said this on Thursday at the 2024 Eight Africa Energy Marketplace in Abuja.

    The forum was organised by African Development Bank (AfDB), Ministry of Power and the United Kingdom Nigeria Infrastructure Advisory Facility (UKNIAF).

    The theme of the forum titled “Towards Nigeria’s Sustainable Energy Future: Policy, Regulation, and Investment – A Policy Dialogue for the National Integrated Electricity Policy and Strategic Implementation Plan (NIEP-SIP)”.

    Adelabu said that President Bola Tinubu has approved submission of the Minister of State for Petroleum Resources, (Gas) to defray  outstanding debt owed to the gas supply companies to the power sector operators.

    The minister said the payments would be in two parts as there is the legacy debt and the current debt.

    “For the current debt, approval has been given for a cash payment of about N130 billion from the gas stabilisation fund which the Federal Ministry of Finance will pay.

    “The payment for the legacy debt is actually going to be made but from future royalties and exchange of incomes in the gas sub-sector which is quite satisfactory to the gas supply companies.

    “The last figure was about 1.3 billion dollars  and this payment, we believe, will go a long way to encourage these gas companies to enter into firm supply contracts with the power generating companies,” he said.

    Adelabu said the Federal Government planned to adopt a model that would ensure firm contracts between gas companies and majority of the power generating companies.

    “The day they cannot supply gas, there is no penalty but once there is a firm contract, they will be under contractual obligation to supply gas to these power generating companies so that we have a consistent power generation.

    Adelabu said that for the power generating companies, the debt is put at N1.3 trillion.
    The minister said the ministry of power has the consent of the President to pay on a condition of settling the reconciliation of the debts between the government and the power generating companies.

    “And this, we have successfully done, and are being signed off by both parties. Majority has signed off and we are actually engaging others, so we have 100 per cent sign off from the power generating companies.

    “The modalities for paying this will be two ways; there will be immediate cash injection as government is not buoyant enough to pay the N1.3 trillion at once.

    “A fraction will be paid in cash, while the remaining fraction will be settled through a guarantee debt instrument, preferably a promissory note, ‘’ he said.

    On his part,  Mr Sanusi Garba, Chairman, Nigerian Electricity Regulatory Commission, (NERC), said the poor financial state of the  Electricity Distribution Company (DisCos ) made  it difficult for them to raise the needed capital to invest.

    Garba said  the challenges facing the sector were a culmination of all past inactions and missteps by those saddled with the responsibilities of managing the sector both at policy and operational levels.

    He said, “today when you look at distribution companies, they are clearly and technically insolvent, and you also want them to raise capital in terms of debt or equity.

    “It’s a herculean task. I also want to mention that implementing the power sector reform requires very strong political will to implement decisions that impact on the wider public, ‘’ he said.

  • Debt for growth is not bad – AfDB

    Debt for growth is not bad – AfDB

    The African Development Bank’s Chief Economist, Kevin Urama, says debt for growth for countries on the continent should not carry any negative connotation.

    Urama, also the Vice-President Governance and Knowledge Management in AfDB, said this at a pre-media conference held virtually to herald the 2024 AfDB Annual Meetings.

    According to him, the debt to GDP ratio in Nigeria is still sustainable, but the issue in Nigeria is with regards to debt to revenue ratio.

    He, however, commended President Bola Tinubu-led administration for its various efforts geared towards revenue mobilisation improvement in the country.

    Urama said that by increasing the revenue mobilisation, the country would be able to rebalance that ratio and move forward.

    “The point I need to make clearly is that debt is not a bad thing. Debt for growth is always the means for driving transformative growth in countries.

    “The issue is not about the debt. It is about the quality of the debt. In terms of what you borrow, on what terms, how transparent they are, and what you use the resources borrowed to do

    “If it is invested in growth enhancing infrastructure and productive infrastructure, you are going to be able to generate revenue to be able to repay the loans and still also grow your economy,” he said.

    According to Urama, debt should not ordinarily carry negative connotations, only bad should debt causes such.

    “So when you borrow on wrong terms , when it is not transparent and people don’t know what is happening.

    “And when the resources are not used properly , then you can get into the debt sustainability challenge,” he said.

    The vice-president said the Public Financial Management Academy of the bank was, however, established to help countries not to get there.

    “So when you are borrowing, you know exactly when, who, what terms and how to use those loans in order to be able to drive transformative growth in countries,” Urama said.

  • Court orders Senator to repay N136m bank debt to AMCON

    Court orders Senator to repay N136m bank debt to AMCON

    A Federal High Court, Abuja has ordered Sen. Victor Umeh to pay about N136 million to the Asset Management Corporation of Nigeria (AMCON) over his unpaid bank loan.

    Justice Inyang Ekwo, in a judgment in the suit marked: FHC/ABJ/AMC/12/2022, also ordered Umeh, who represents Anambra Central Senatorial District, to pay the debt along with the accrued interest.

    Justice Ekwo, who declared that Umeh was actually indebted to AMCON, issued an order directing the  forfeiture of Umeh’s  5,000,000 units of Skye Bank shares in the records of the Central Securities and Clearing System to AMCON.

    The judge also awarded a cost of N2 million in favour of AMCON and against Umeh.

    AMCON filed the suit against the lawmaker who is currently the Chairman, Senate Committee on Diaspora.

    While AMCON was the claimant, Umesh was the sole defendant in the case.

    AMCON had told the court that Umeh got a loan of N23,250,000.00 from the now defunct Skye Bank in January 2008 “to enable him invest in and purchase shares of a financial institution in Nigeria.”

    According to the claimant, the tenor of the credit facility granted the defendant was specifically fixed for 356 days.

    “The offer letter contained various other explicit terms and conditions which the defendant accepted by duly executing the memorandum of acceptance.

    “The defendant utilised the funds granted to him as credit facility by the bank.

    “However, at the expiration of the tenor of the facility, the defendant failed and neglected to liquidate thr credit facility as per the contract,” it said.

    AMCON stated that it later acquired the unpaid debt when Skye Bank became unsuccessful in making Umeh to repay.

    It said that its suit was to recover the debt which stood at N135, 722, 303.40k as at April 2011.

    Delivering the judgment, Justice Ekwo, observed that despite being served with court documents in relation to the case, Umeh failed to file any response or make any effort to enter a defence.

    “It is to be noted at this point that the defendant, upon being served, failed to enter a defence is this case.

    “It is trite law that the net effect of the failure of a defendant to file pleadings is that the assertions of the claimant in his pleadings stands unchallenged and are deemed admitted and established.

    “It is also trite that the effect of a defendant’s failure to call evidence in defence of the claims against him at the trial is that he is presumed to have admitted the case made against him by the claimant,” he said.

    The judge added that despite Umeh’s failure to file a defence, the plaintiff was able to prove its case through the evidence it presented.

    He held that by the evidence presented by the plaintiff, “the indebtedness of the defendant has been proved.

    He said he found that the plaintiff had established its case by a preponderance of evidence as required by law.

    “Consequently, judgment is entered per terms as follows:

    “A declaration is hereby made that the defendant is indebted to the plaintiff, in the sum of N135,722,303.40 representing the principal debt sum plus all the accrued interest and charges, at the rate of 15 per cent per annum drawn up to 25th January, 2021, being the sum due and outstanding from the defendant to the plaintiff.

    “A declaration is hereby made mandating the defendant to pay to the plaintiff the sum of N135,722,303.40 representing the principal debt sum, plus all the accrued interest and charges, at the rate of 15 per cent per annum drawn up to 25th January 2021, in settlement of the debt due and outstanding from the defendant to the plaintiff.

    “An order is hereby made mandating the defendant to pay the plaintiff a sum representing 15 per cent of the principal sum, as interest on the judgement sum, from  26th January, 2021, till the date of delivery of judgement.

    “An order is hereby made mandating the defendant to pay the plaintiff a sum representing 15 per cent  of the judgement sum as interest on the judgement sum, from the date of delivery of judgement till the date of full and final liquidation of same.

    “A declaration is hereby made that the defendant is liable to a total forfeiture and divestment of all his title, rights, interests, benefits, and claims in respect of the 5,000,000 shares of Skye Bank shares in the record of the Central Secures & Cleaning System while the plaintiff is entitied to take over, as beneficial owner, all the title, rights, interests, benefits and claims in respect of same.

    “An order of final foreclosure and final forfeiture is hereby made foreclosing and divesting the defendant of his title, rights and interests, in respect of the 5,000,000 units of Skye Bank shares in the records of the Central Securities & Clearing System and vesting same in the plaintiff in furtherance of part liquidation and satisfaction of the outstanding debt obligation of the defendants due to the plaintiff.

    “An order is hereby made mandating the defendant to pay to the plaintiff the sum of N2,000,000 00 as costs for filing and pursuing this claim,” the judge declared.

  • N3.4bn debt: Oyo A-G faults Makinde’s claim of lack of funds to pay

    N3.4bn debt: Oyo A-G faults Makinde’s claim of lack of funds to pay

    The Accountant-General (A-G) of Oyo State, Mrs K. O. Adegoke, has faulted claim by Gov. Seyi Makinde that the State lacked capacity to pay the N3.4 billion debt owed to former Local Government Areas (LGAs) chairmen and councillors sacked on assuming office on May 29, 2019.

    Adegoke’s position is contained in a fresh document filed by one of the state’s bankers before a High Court of the Federal Capital Territory (FCT) in a garnishee proceeding initiated by the  ex-council chiefs.

    The garnishee proceeding was initiated against Makinde, Oyo State and others, following the Dec. 8, 2023 judgment of the Abuja Court of Appeal, ordering the governor to pay the debt, which now stood at N3,425,300,000.

    In the court document, the Oyo A-G revealed that there were sufficient funds in the state’s account with First Bank of Nigeria Limited and that the bank had been directed to set aside the  N3,425,300,000 for the settlement of the outstanding judgment debt.

    The Supreme Court had, in a judgement on May 7, 2021, declared Makinde’s sack of the council officials, before the end of their three-year tenure, as unlawful.

    The apex court also ordered him to pay them the salaries and allowances they ought have earned for the tenure, which the Oyo State government later estimated at N4,874,889,425.60.

    The governor authorised the payment of N1.5 billion in 2022, leaving an outstanding sum of N3,374,889,425.60 (about N3.4 billion).

    Makinde later applied to the High Court of the FCT, via a motion filed on April 3, 2023, praying to be allowed to pay the outstanding debt in instalment of N300 million every six months, a request Justice Anote Ebong rejected.

    He had, in the motion, claimed among others, that Oyo State had no resources to pay the judgment debt and that the state would be unable to meet its obligations should the debt be paid in a manner deferent from what he proposed.

    Justice Ebong,vin a ruling on April 27, 2023, ordered one of the state’s bankers, First Bank of Nigeria, to immediately pay the ex-council chiefs N1,374,889,425.60 and directed Makinde to pay the remaining balance of N2 billion in instalment of N500 million every six months, with the first instalment payable on July 31, 2023.

    But Makinde appealed Justice Ebong’s decision at the Court of Appeal, Abuja and repeated his claim that his state was broke and would be unable to meet its obligations should it comply with the order by the FCT High Court.

    In a judgement on Dec. 8, 2023, a three-member panel of the Court of Appeal dismissed Makinde’s appeal; ordered him to comply with Justice Ebong’s order and awarded N50 million cost against him.

    Armed with the Dec. 8 judgment of the Court of Appeal, the ex-council chiefs led by Bashorun Mojeed Ajuwon, went back to Justice Ebong’s court for an order attaching Oyo State government’s accounts in 10 banks in a fresh garnishee proceeding.

    It is in response to the court’s order for the banks to show cause why the garnishee order nisi should not be made absolute against them that one of the banks tendered the letter by the Oyo State A-G.

    In the letter, Mrs Adegoke said: “We wish to inform you that First Bank of Nigeria Ltd has already set aside the sum of N3,425,300,000.00 on Oyo State Joint Local Government Allocation Account,” in respect of the garnishee order by Justice Ebong.

    First Bank, in its response to the garnishee order, confirmed that it had sufficient funds in Oyo State’s account to cover the judgment debt.

    It added that “Oyo State has an account with the bank with funds sufficient to cover the judgment sum of N2,050,300,000.00.”

    At the resumed hearing in the garnishee proceedings on Jan. 5, Makinde’s lawyer, Alfred Akinjo-Nelson, told the court that his client was unhappy with the Court of Appeal decision and has appealed to the Supreme Court.

    When asked by Justice Ebong what his client’s grievance was with the judgment debt, Akinjo-Nelson said Makinde and the other judgment debtors were not contesting the judgment debt, but were uncomfortable with the mode of payment ordered by the judge.

    The lawyer also faulted the suggestion by Solomon Umoh, SAN, a lawyer to Access Bank Plc, one of Oyo State ‘s bankers, that other banks affected by the garnishee order nisi should be excused in view of the revelation that sufficient funds had been reserved with First Bank to defray the judgment debt.

    Although lawyer to the judgment creditors (the ex-council chiefs), Musibau Adetunbi, SAN, agreed that the other nine garnishee banks be excused, except First Bank, Akinjo-Nelson disagreed with the submission.

    Akinjo-Nelson, therefore, sought time to respond to some applications filed by the judgment creditors, including one in which they are seeking to play a recording of an alleged media chat by Makinde, where he was said to have commented on  decisions by the various courts on the case.

    Justice Ebong adjourned the matter until Jan. 18 for  hearing  in the pending applications and possibly continuation of the garnishee proceedings.

  • Many generations to come will pay our debt – Obasanjo

    Many generations to come will pay our debt – Obasanjo

    Former Nigerian President, Olusegun Obasanjo, has explained that the continent of Africa is highly indebted, saying that many generations to come will help to pay.

    Obasanjo added that there was no option for the next generations of Africans other than to help in the repayment of the debt burden incurred by current leaders.

    The Egba high chief  made this comment at an engagement programme with the 2023 awardees of Future Africa Leaders Foundation, an initiative of Pastor Chris Oyakhilome.

    Recall that Obasanjo as the country’s President in 2003 secured a debt relief for Nigeria, likewise his counterpart from Algeria at the same period.

    However, Obasanjo  seems to be unhappy with the constant borrowing, saying that with the level of mismanagement of the previous debts written off, it would be almost impossible for any administration to get a similar gesture in the continent.

    Obasanjo noted that the debts were a trap that no individual or nation should fall into as it constitutes an albatross on any economy.

    The former president who asserted that leadership was the number one problem facing the continent emphasized that,”the coming generations will have no choice but pay the current debt being incurred by different countries in the continent.”

    He commended Pastor Oyakhilome for the efforts put into building leaders, adding that the nation needed more people like him to address the leadership crisis facing the continent.

    During the question and answer session of the programme, Obasanjo highlighted the qualities of good leaders, saying that leaders are meant to set good examples.

    “A leader should be able to set good examples, be bold and courageous when making decisions, accept mistakes and learn from them, as well as have a realistic dream.” He said.

  • How ways and means shot Nigeria’s domestic debt to N55.93trn

    How ways and means shot Nigeria’s domestic debt to N55.93trn

    The Debt Management Office (DMO) says there was a sharp increase in Nigeria’s total domestic debt stock between December 2022 and June.

    The DMO in a statement clarifying the country’s domestic debt stock on Thursday, said the inclusion of N22.719 trillion securitised Ways and Means advances is responsible for the increase.

    It said that the total domestic debt of N55.93 trillion it earlier published was the figure for Sept. 30, not for Dec. 30.

    “The attention of the DMO has been drawn to some comments in the media on Nigeria’s debt stock figures as of Sept. 30.

    “The increase in the total domestic debt stock between June 30 and Sept. 30 was 3.3 per cent.

    “The total domestic debt grew sharply between December 2022 and June due to the inclusion of the securitised Ways and Means advances which was added to the debt stock in June,” it said.

    The total country’s public debt stock hit N87.91 trillion (114.35 billion dollars) as of Sept. 30.

    The amount represents the domestic and external debts of the Federal Government, the 36 State governments and the Federal Capital Territory (FCT).

    The N87.91 trillion debt stock represents a marginal increase of 0.61 per cent when compared to the June figure of N87.38 trillion.