Nigeria’s Borrowing From World Bank Hit $14.34bn In Q1, 2023   Nigeria’s borrowing from the World Bank has reached $14.34bn as of March 31, 2023. This was an increase from the $13.93bn debt recorded by the Debt Management Office (DMO) as of December 31, 2022. This means that...

Fuel Subsidy: CISLAC Queries $800m World Bank Loan for Nigerians   The Civil Society Legislative Advocacy Centre, CISLAC, has queried the Federal Government over the World Bank’s $800 million loan to the country, as a palliative to cushion the effect of the proposed fuel subsidy removal...

FG Refunds States N860bn For Road Construction   The Federal Government has refunded N859.7bn to various state governments as reimbursement for out-of-pocket expenditures incurred in constructing federal roads over eight years. This was disclosed in a fact sheet highlighting achievements of the Buhari administration shared by the...

Senate Approves Restructuring Of FG’s N22.7trn Unbudgeted Loans From CBN   The Senate yesterday approved the request of President Muhammadu Buhari to restructure the N22.7 trillion Ways and Means loan advanced to the Federal Government by the Central Bank of Nigeria (CBN). The approval followed the consideration...

External Debt: FG Deducts N78bn From States Allocations For Servicing   The Federal Government deducted over N78bn from allocations made to the states for external debt servicing. This was according to data from the Federation Account Allocation Committee (FAAC) Disbursement reports published by the National Bureau of...

MAN, Others Reject FG’s Excise Tax Hike   The Organised Private Sector of Nigeria comprising the Manufacturers Association of Nigeria (MAN), the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), the Nigeria Employers’ Consultative Association (NECA), the Nigerian Association of Small Scale Industries...