In Two Years, Nine Oil Producing States’ Debts Skyrocket Despite N1.88trn Derivation Fund   Despite receiving N1.885 trillion from the 13 per cent oil derivation fund in two years, the nine oil-producing states’ debts as a result of loans taken from local and foreign lenders have...

How External Debt Servicing Gulped $3.07bn in 10 Months – CBN Latest data obtained from the Central Bank of Nigeria (CBN) has revealed that Nigeria spent about $3.07 billion towards servicing external debt. This represents a 38 per cent increase, higher than the $2.22 billion spent...

Currency Outside Banks Surges To N3trn - CBN   Recent data released by the Central Bank of Nigeria (CBN) has revealed a notable spike in currency outside the banks during the month of November 2023, reaching unprecedented levels based on historical records. According to the Money and...

FG Spends Over N5trn To Cover Electricity Subsidy In 10 Years   The federal government’s effort to subsidise electricity tariff for Nigerians has seen it cough out over N5 trillion in the last 10 years amounting to over 664 per cent growth, data from the Nigerian...

NNPCL To Pay Taxes, Royalties From $3.3bn Afrexim Loan   The Nigerian National Petroleum Company Limited (NNPCL) on Sunday, said it would prepay future royalties and taxes to the Federal Government from the $3.3bn financing deal it got from African Export-Import Bank last year. NNPCL disclosed this...

CBN Reveals Foreign Medical, School Bills Gulped $1.58bn In Six Months   Nigerians spent $1.58bn on health tourism, foreign education, and other personal matters in six months, data from the Central Bank of Nigeria have revealed. The data from the apex bank’s Balance of Payment compilation spanning...