Tag: Debt
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Nigeria's N25.6trn debt profile alarming, unsustainable – Atiku
The presidential candidate of the Peoples Democratic Party (PDP) in the February 23 presidential election, Atiku Abubakar, has raised the alarm on over the nation’s N25.6trn debt, saying it’s unsustainable. Atiku said the increasing debt profile of the country is becoming more than a source of concern, adding that the situation has got to a…
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Nigeria’s total debt stock rise to N24.9 tn in Q1, 2019
Nigeria’s total public debt rose to N24.947 trillion as at March 31, from N24.387 trillion as at Dec. 31, 2018, growing marginally by 2.30 per cent, the Debt Management Office (DMO) said. A statement issued by the office on Wednesday in Abuja, said that the debt stock comprises of domestic and external debts of the…
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Sad! Pastor evicted from residence over N2.7m debt
A Senior Magistrates’ Court in the Federal Capital Territory, Abuja, has ordered a cleric of Christ Embassy, Uduak Effiong, to be evicted from his apartment and pay the indebted sum of N2.7m. The court also ordered him to pay 10 per cent interest from the date of judgment till liquidation. The four-bedroomed semi-detached duplex is…
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Photo: AMCON takes possession of luxury homes in Lekki over N12.9b debt
The Asset Management Corporation of Nigeria (AMCON) on Tuesday took over several multi-billion naira properties in Victory Park Estate, Lekki, Lagos, following a N12,966,510,191 judgment debt it won at the Court of Appeal in Lagos. The properties included assets of Knight Rook Limited situated within Victory Park Estate, among other assets. AMCON’s move followed the…
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Ex-Zamfara gov, Yari denies leaving N252bn debt for Matawalle
Former Zamfara State Governor Abdul Aziz Yari Abubakar has debunked allegations of leaving behind N252 billion debts to Governor Bello Muhammad Matawalle. Yari said he left over N7 billion for the take-off of the Matawalle’s administration. The former governor, who spoke through his media aide, Malam Ibrahim Dosara, at the APC secretariat in Gusau, added…
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Over 50% of Nigeria’s revenue goes into debt servicing — AfDB
The African Development Bank has said debt servicing gulps more than 50 per cent of Nigeria’s revenue. The bank said this in its West Africa Economic Outlook 2019. The AfDB said though the average revenue spent by West African countries on external debt servicing is 17 per cent, that of Nigeria is about 50 per…
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N5.4tr debt: AMCON seeks alternative recovery plan
The Asset Management Corporation of Nigeria (AMCON) is seeking better ways to recover the over N5 trillion debts. The corporation will be exploring the Alternative Dispute Resolution (ADR) option that involves out-of-court settlement. About 80 per cent of the debts is owed by 350 individuals. Leading jurists have also urged AMCON to embrace the opportunities…
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N24.39tr debt profile: Why Nigerians do not have to worry – Finance Minister
The Federal Government has said the nation is not in any way near a debt crisis despite its current N24.39 trillion (about $79.44 billion) debt profile. The debt figure, which, as at December 31, 2018, comprised Eurobond loans, facilities from the World Bank Group, China and Africa Development Bank Group constitute over 80 per cent…
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AMCON takes over Micmerah International over N1bn debt
The business and assets of Micmerah International Agency Limited have been taken over by the Asset Management Corporation of Nigeria (AMCON). The company was seized by AMCON over its alleged inability to pay a debt worth N1 billion it owes, a statement from AMCON stated. AMCOM took over operations of the Onitsha, Anambra State-based firm…
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Nigeria’s N24.38trn debt profile sustainable – FG
The Federal Government yesterday said that there was no cause for alarm over the country’s rising debt profile. Nigeria’s total debt profile as of December 31, 2018, stands at N24.387 trillion, showing an increase of 12.25 per cent from N21.725 trillion in 2017. Minister of Budget and National Planning, Senator Udoma Udo Udoma, while briefing…