National Assembly Summons 17 Oil Companies Over NDDC Debts   The Joint National Assembly Committee on Niger Delta Development Commission on Tuesday summoned 17 oil companies over their alleged N72bn and $273m indebtedness to the agency. The Chairman of the NASS joint panel, Senator Peter Nwaoboshi, issued...

Experts: Rising Debts Fuelling Vulnerabilities In Nigeria, Others   Rising debt levels are fuelling vulnerabilities in Nigeria and other African countries, especially as external debt is shifting from the public to the private sector, experts have warned. Owing to this, recovery in the continent remains patchy as...

FRC: Debts Exceed Statutory Revenues In 32 States The consolidated debts of 32 states of the federation exceeded their gross statutory revenues in 2017, a report of the Fiscal Responsibility Commission has shown. As of December 2017, the 36 states of the federation had total public...

CBN To Formulate Tougher Bank Capital Rules Over Debts   The Central Bank of Nigeria plans to introduce fresh capital rules in the second quarter of this year, threatening to heap pressure on banks already weighed down by bad loans. Non-performing loans in the banking sector rose...

FAAN To Sanction Agencies, Operators Over Debt   The Federal Airports Authority of Nigeria (FAAN) may sanction some government agencies and private airport operators over huge indebtedness to the agency, Daily Trust can report. This follows the expiration of the 30-day notice given to the debtors to...

Osinbajo Defends $73bn Debts Incurred By Nigeria   Vice-President Yemi Osinbajo on Tuesday defended Nigeria’s $73bn debts despite admitting that the debt profile grew by another $10bn between 2015 and this year. In 2015, the VP said the debt size was $63bn, growing by $10bn to hit...