Tag: Debt
-
Lagos retains highest foreign debt portfolio – DMO
Lagos State, the commercial nerve-center of Nigeria, has retained its position as the state with the highest foreign debt in the country, with a foreign debt put at 1.45 billion dollars as at June 30. A document obtained from the Debt Management Office (DMO), on Wednesday in Abuja, titled: ‘States, Federal Capital Territory (FCT) and…
-
IMF expresses worry over Nigeria’s rising debt profile
The International Monetary Fund, IMF on Monday cautioned the federal government over its rising external debt profile. The Fund also expressed concern over the federal government’s capacity to service the debts while stressing the need to mobilise more revenues domestically. The Washington-based fund, at the public presentation of the Spring 2018 Issue of the Regional…
-
IMF condemns Nigeria’s $21.72tr debt profile
The International Monetary Fund (IMF) on Wednesday said Nigeria’s $21.72 trillion ($70.99 billion) public debt profile constitutes a direct risk to the country’s financial stability. The IMF’s Financial Counselor and Director of the Monetary and Capital Markets Department, Tobias Adrian made the disclosure during the Global Financial Stability report presentation at ongoing IMF/World Bank Spring…
-
Nigeria’s debt rises by N9.61tn under Buhari-led govt
Nigeria’s total debt profile under the leadership of President Muhammadu Buhari, has increased by 25 per cent to N21.7 trillion at the end of December 2017, the Debt Management Office (DMO) revealed yesterday. The nation’s public debt was N17.36 trillion at the end of 2016. This means that within a period of 30 months –…
-
N40k debt: Man commits suicide at Lagos Magistrate Court
A man who couldn’t redeem the financial debt he owed someone on committed suicide by jumping from a height to ease his legal struggles. According to reports making rounds on social media, the man allegedly jumped to his death at Lagos State Magistrate Court in Ogba yesterday. He has been tried for owing a paltry…
-
Security operatives invade Leader Newspaper over N100m debt
Security operatives on Thursday stormed the head office of Leadership Newspaper in Utako, Abuja on over an alleged N100 million debt owed to Senator Isa Mohammed from Niger State. It was gathered that the senator had filed a libel suit against the media outfit and the court ruled in his favor four years ago, ordering…
-
Court judgement: NLNG demands payment of $315m debt from NIMASA
The management of Nigeria Liquefied Natural Gas, NLNG Limited on Monday issued a demand notice for $315,598,823.29 judgment debt to the Nigerian Maritime Administration and Safety Agency, NIMASA. The NLNG said in a statement that the sum represented the payments it made under protest to the agency since 2013, as well as direct and shipping…
-
The Debt Conundrum Once Again? By Henry Boyo
By: Henry Boyo Barely eleven years ago, Nigeria was compelled by pressure, from International creditors, particularly the London and Paris club, to ‘voluntarily’ part with almost $12.4bn allegedly owed, so that another $18bn debt could be written off, from the country’s total external debt of about $30bn. Notably, the debt write-off was, primarily, the product…
-
Accrued pension debt: LASG approves N711m for 287 retirees in September
The Lagos State Government has disbursed the sum of N711 million as pension payments for the month of September. The Lagos State Pension Commission (LASPEC) in a statement on Monday by its Head of Public Affairs Unit, Mrs Basirat Lawal, said the N711 million was released to pay 287 retirees for that month. LASPEC said…
-
FIRS shuts MRS Oil over N497m tax debt
The Federal Inland Revenue Service on Wednesday closed down an MRS Oil’s facility in Lagos over a tax debt amounting to N497.1m, an action the agency described as part of measures being taken against tax-defaulting companies in the country. An enforcement team, led by Mrs. Anita Erinne, reportedly sealed off the premises of the MRS…