NEITI Reveals Oil and Gas Industry's $6.1bn Debt to FG   The Nigeria Extractive Industries Transparency Initiative (NEITI) has revealed that the oil and gas industry owes the federal government a whopping $6.1 billion in outstanding liabilities as of August 2024. These are made up of outstanding...

Nigeria Generates N73trn From Oil Export Amid Govt Borrowing   Nigeria’s total crude oil export revenues hit N73 trillion in the 21 months spanning January 2023 to September 2024, data from the National Bureau of Statistics (NBS) for the period has shown. The period also saw a...

Capital Expenditure Suffers as FG Services Debt with N7.4tn The Federal Government’s expenditure report for the first eight months of 2024 has laid bare the heavy toll debt servicing is taking on Nigeria’s finances. Between January and August, a total of N7.41tn was spent on servicing...

Nigeria's Total Debt May Hit N170trn as FG Plans to Borrow Fresh N31trn   The Federal Government plans to allocate a significant portion of its budget to debt servicing over the next three years, surpassing allocations for capital expenditures. This is according to the recently approved 2025-2027...

Nigeria Remains Third-Largest Debtor to IDA With $17bn   Nigeria has retained its position as the third-largest debtor to the World Bank’s International Development Association (IDA) with its exposure climbing to $17.1bn as of September 30, 2024. According to the World Bank’s latest financial statements for the...

Telecom operators in Nigeria are seeking regulatory approval from the Nigerian Communications Commission (NCC) to discontinue Unstructured Supplementary Service Data (USSD) services to banks over an unpaid debt exceeding N250 billion.