Senate Seeks Reduction In Borrowing       The Senate on Wednesday said the country should seek alternative sources of funding the budget in order to reduce borrowing. The upper chamber said although borrowing is not entirely bad, the country must seek ways and means to develop alternative funding...

Nigeria’s Debt Fast Becoming Unsustainable, May Reach N34trn – LCCI       The Lagos Chamber of Commerce and Industry has said the growing level of Nigeria’s debt is fast becoming unsustainable in the light of dwindling oil prices and production and might hit N34tn by year-end. The President,...

Oil Firms’ Debts Near N5trn Amid Price Collapse     The debts owed by oil and gas companies to Nigerian banks rose by N90bn in the second quarter of this year to nearly N5tn as many operators struggle to stay afloat in the face of depressed prices...

Fresh World Bank, AfDB, IDB Loans May Raise Nigeria’s Debt To N31.7trn       fresh loan disbursements expected from the World Bank, African Development Bank and Islamic Development Bank may raise Nigeria’s total public debt stock to N31.699tn in coming months. Nigeria currently expects about $1.844bn (N699.1bn at...

Buhari Justifies Borrowing To Fund Infrastructure Development     President Muhammadu Buhari Tuesday justified government borrowing to finance infrastructure, asserting that his government took loans in the interest of the country to solve the dire shortfall in infrastructure. Speaking at a virtual meeting with members of the Presidential...

Debts: FAAN To Quit Servicing Private Airports       The Federal Airports Authority of Nigeria (FAAN) may quit its services for some private aerodrome operators over growing debts. The authority had, issued a 21-day ultimatum with effect from September 1 to the affected government agencies and private airport...