Nigeria debt servicing
Debt Burden: Half of Nigeria’s Revenue Goes to Repay Loans, Says Panel
Nigeria’s economic reforms are beginning to yield significant fiscal relief, as the country now spends less than 50 per cent of its revenue on debt servicing, according to the Chairman of the Presidential Fiscal Policy and Tax Reforms Committee (FPTRC), Mr. Taiwo Oyedele. Speaking at PriceWaterhouseCoopers (PwC)’s Executive Summit on Nigeria’s Tax Reform in Lagos […]
Fresh $24bn Borrowing Set to Push Nigeria’s Debt to N183tn
Nigeria’s public debt is poised for another historic leap as President Bola Tinubu seeks National Assembly approval to borrow an additional $24.14 billion in foreign loans. Economists, opposition leaders, and civil society groups are raising alarm over what could become the most significant debt surge in the country’s modern history, potentially pushing Nigeria’s total public […]
Nigeria Clears $3.4bn IMF Debt
In a significant development that reflects Nigeria’s efforts toward fiscal responsibility and economic recovery, the International Monetary Fund (IMF) has officially confirmed that Nigeria has fully repaid the $3.4 billion loan it received in 2020 to cushion the impact of the COVID-19 pandemic. The IMF loan, disbursed under the Rapid Financing Instrument (RFI), was aimed […]