UNGA 79: Tinubu seeks debt forgiveness for Nigeria

UNGA 79: Tinubu seeks debt forgiveness for Nigeria

President Bola Tinubu has called on world leaders to prioritise debt forgiveness for Nigeria and other developing countries from creditors and multilateral financial institutions. The President also asked the United Nations to commit to multilateralism by deepening relations among member states, in line with the principles of inclusivity, equality and cooperation. Tinubu, who is the Chairman of the Authority of Heads of States and Government of the Economic Community of […]

September 25, 2024 65

BUSINESS

Public debt stock may hit N130tn by Dec – Report

Nigeria’s public debt stock is projected to hit N130tn this year, raising concerns about the country’s debt-to-gross domestic product ratio. This was revealed in a report by Afrinvest, an investment management company, titled, ‘Bank Recapitalisation, Catalyst for a $1tn Economy, ‘ unveiled in Abuja recently. Nigeria’s public debt stock, which includes external and domestic debt, stood at N121.67tn in the first quarter of 2024, up from N97.34tn in the fourth […]

August 5, 2024 44

BUSINESS

Cardoso links depleting external reserves to debt repayments

The Central Bank of Nigeria has clarified reasons for the significant decline in the nation’s foreign exchange reserves, asserting that it wasn’t primarily aimed at defending the naira, as commonly believed, but rather to partially repay debts owed to creditors. The bank further expressed its desire to minimise its involvement in the market, aiming to foster a scenario where prices are determined through the interactions of willing buyers and sellers. […]

April 18, 2024 47

NEWS

Lagos LP politician, Rhodes-Vivour, repays wife’s debt after social media bashing

Labour Party’s 2023 governorship candidate in Lagos State, Gbadebo Rhodes-Vivour, has repaid his wife’s debt following social media bashing. A user on X, Chike Jones, who worked as a writer and social media manager for Afroscientric.com, a project owned by Rhodes-Vivour’s wife, Ify, had alleged that he was owed for over eight months. Reacting to this, Rhodes-Vivour, wrote, “I have spoken to Chika and extended an olive branch in acknowledgement […]

January 24, 2024 93

BUSINESS

Power sector gas debt hits $1bn, says NGA

A new gas pricing template for the power sector and gas-based industries has been developed and currently awaits the approval of President Bola Tinubu, the Nigerian Midstream, and Downstream Petroleum Regulatory Authority announced on Wednesday. It was also revealed that the legacy gas debts of the power sector to gas suppliers in Nigeria had risen to about $1bn, as efforts were ongoing to finalise the figures and find a comfortable […]

July 13, 2023 15

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