Nigeria’s public debt stock increases to N97.34trn in Q4 2023– NBS

ABUJA- Nigeria’s public debt stock increased from N87.91 trillion (114.35 billion dollars ) in the third quarter of 2023 to N97.34 trillion (108.23 billion dollars ) in the fourth quarter of 2023. The National Bureau of Statistics (NBS) said this on Tuesday in its Nigerian Domestic and Foreign Debt Report for Q4 2023 released in Abuja. The report said Nigeria’s public debt stock, which included external and domestic debt, grew by 10.73 per cent on a quarter on quarter basis. It said that External debt stood at N38.22 trillion (42.50 billion dollars) in Q4 2023, while domestic debt was N59.12 trillion (65.73 billion dollars). “However, the share of external debt to total public debt stood at 39.26 per cent in Q4 2023, while domestic debt was recorded at 60.74 per cent.’’ In a breakdown by states, the bureau said that Lagos State recorded the highest domestic debt of N1.05 trillion in Q4 2023, followed by Delta with N373.41 billion. The report showed Jigawa recorded the lowest domestic debt at N42.76 billion, followed by Kebbi at N60.69 billion. In addition, it …

Nigeria’s public debt stock increases to N97.34trn in Q4 2023– NBS Read More

Debts Country Owes Officers Who Serve In Armed Forces Cannot Be Paid Fully – Irabor

…Securing Nigeria Not An Easy Task But Not Impossible The immediate past Chief of Defence Staff, General Lucky Irabor, says that providing security for a diverse country like Nigeria is not an easy task, but insists it is not an impossible one to achieve. He said this in his valedictory speech during the pulling-out ceremony organised for him at the Mogadishu Cantonment in Abuja on Friday. According to Irabor, the debts the country owes to men and women who serve in the armed forces cannot be paid fully. He expressed satisfaction with his service in the military, saying that he is leaving the armed forces today bigger and stronger than he met it. The former defence chief also appealed to citizens not to engage in acts that can undermine the Nigerian military, saying that the military stands as a beacon of hope, unity and stability that must be protected. He expressed optimism in the ability of his successor to beat the records set so far in the armed forces. In attendance at the event are senior military officers, former Chiefs …

Debts Country Owes Officers Who Serve In Armed Forces Cannot Be Paid Fully – Irabor Read More

Adunni Ade Breaks Silence on Alleged N250,000 Debt to Late Murphy Afolabi, Reveals What Happened with Proof

Adunni Ade, an actress in Nollywood, has finally responded to charges that she owes her late colleague, Murphy Afolabi, N250,000. Gistlover reported earlier in the day that Adunni Ade had been publicly called out for allegedly owing late actor, Murphy Afolabi. During his 8-day Fidau Prayer, his funeral committee singled out the actress for her debt to Murphy Afolabi. According to the commission, Adunni Ade owing Murphy Afolabi N250,000 before his death. They pleaded with her to return the money. “Adunni Ade please return the N250,000 that you are owing the Late Murphy Afolabi”. Adunni Ade’s team responded by issuing a public statement in which she denied being indebted to the late actor. Murphy Afolabi, according to her, approached her for a job last year and paid her N150,000. However, due to the death of her brother, she was unable to complete the job and repaid the actor’s money when he attempted to reach another deal with her. Adunni provided screenshots of her debit transaction to back up her accusations. View this post on Instagram A POST SHARED BY ADUNNI …

Adunni Ade Breaks Silence on Alleged N250,000 Debt to Late Murphy Afolabi, Reveals What Happened with Proof Read More

Senator Bwacha Clears Secretariat Debt At APC Taraba

By Sylvanus Viashima, Jalingo The Senator representing Taraba South Senatorial District Senator Emmanuel Bwacha has cleared the outstanding debt owed by the Taraba State chapter of the All Progressives Congress APC and paid the Three months outstanding salaries of secretariat staff. Bwacha made the presentation on Tuesday at the party secretariat in Jalingo. Alhaji Abubakar Yahuza, Deputy Minority Leader at the Taraba State House of Assembly who represented Bwacha at the presentation said that this was a gesture to ensure that the party continues to function properly despite the end of the election period. He urged the party to feel free to reach out to him whenever there was need as he would continue to do his best to keep the party strongly afloat in the state. The state party Chairman Barrister Ibrahim Tukur El-Suldi who received the cash donation expressed gratitude to the Senator and urged other party members to emulate the gesture. “We wish to place on record our appreciation for the efforts of Distinguished Senator Emmanuel Bwacha, our Gubernatorial Candidate in the just concluded General Elections for …

Senator Bwacha Clears Secretariat Debt At APC Taraba Read More

Knocks as Nigeria’s debt profile races to N80trn under Buhari govt

With Nigeria’s total debt stock racing to over N80 trillion, there is heightened concern in the country. Stakeholders are of the view that Nigeria’s economy is in an emergency situation and on the verge of collapse if nothing is done. Although the Debt Management Office has consistently dismissed fears surrounding Nigeria’s increasing debt profile, economic analysts have never kept mum, signalling the alarm bill. DMO, in its Fourth Quarter report of 2022, said Nigeria’s total debt hovers around N46.25 trillion. Specifically, the total domestic debt stock was N27.55 trillion, while external debt stock was N18.70 trillion (USD 41.69 billion) as of December 2022. Meanwhile, with the recent borrowing spree by the federal government and the National Assembly’s approval of the Central Bank of Nigeria’s Ways and Means advance to the federal government, the Nation’s external and internal wealth could have surpassed N80 trillion. At the inauguration of President Muhammadu Buhari’s administration in 2015, the country’s debt stock had continued to soar, rising from N12.6 trillion to over N80 trillion as the government prepares for exit on May 29. It is …

Knocks as Nigeria’s debt profile races to N80trn under Buhari govt Read More

“I go come Lagos drag you for ground” – Comedian Mr Jollof calls out Zinoleesky over N5million debt

Nigerian comedian and media personality, Freedom Okpetoritse Atsepoyi better known as Mr Jollof has called out singer, Oniyide Azeez better knon as Zinoleesky over a breach of contract. Mr Jollof took to his Twitter page to call out the singer. He shared a video of himself slamming the Zenoleesky who according to him failed to perform at an event after paying him a whopping sum of five million Naira. The former also noted that the latter only graced the event with his presence and nothing. Extract from Mr Jollof’s video“Anything wey you carry for back Zinoleesky ennh just stop amYou dey hear me? Anything wey you dey believe say na my 5 million you wan carry go. Abi you never check my record you never check my name for Google. “This Zino you never check am them never tell you who be Jollof? Abi because I quiet for one year Una feel say that coat I loss am . Just talk as e wan be…I go* you for ground nothing go sup. No be say you go kon dey talk, …

“I go come Lagos drag you for ground” – Comedian Mr Jollof calls out Zinoleesky over N5million debt Read More

“We rise by ripping others” Dammy Krane releases an official protrait of 30BG, continues to drag Davido

Nigerian singer Dammy Krane has continued his fight with music star, Davido over unpaid debt. The singer has taken it to the extreme as he released an official portrait of the 30BG. Precise Post reported days back that Dammy Krane had called out his colleague, Davido for the alleged debt. The singer whose career had taken a downturn claimed that the multiple award-winning music star was yet to pay him for their then-hit song, Pere. He shared an old tweet from Davido where he gave a shout-out to Dammy Krane for co-writing, Pere with him. Dammy Krane revealed that he had reached out to the singer over the years but he didn’t get a response from him. He added that he didn’t desire to call out the singer publicly. “My blood @davido run the check. I don reach out to people over the years based on split sheet & outstanding. No response, we no gats dey get thus convo here”. Still on it, Dammy has continued to drag the singer as he made a portrait of his crew members. The …

“We rise by ripping others” Dammy Krane releases an official protrait of 30BG, continues to drag Davido Read More

Innoson Sues Imo Government Over N2.5 Billion Debt

The government of Imo state has been sued by Innoson Group for owing it over N2.5 billion. Innoson made the announcement on its Facebook page. Giving details about the lawsuit, the company wrote: PRESS RELEASE Innoson Vehicles Sue Imo State Government over N2.5B Debt Nigeria’s indigenous vehicle manufacturing company, Innoson Vehicles Manufacturing (IVM) has filed an over N2.5B lawsuit against the Imo State Government under the headship of Senator Hope Uzodinma over its failure to pay or service the debt of N2,547,666,435.00 (Two Billion, Five Hundred and Forty-Seven Million, Six Hundred and Sixty-Six Thousand, Four Hundred and Thirty-Five Naira) being the purchase price of the various IVM Vehicles including their parts which IVM manufactured, sold and delivered to the State Government but Imo State Governor or its government has refused and failed to pay same despite repeated demands and appeals. The lawsuit which was filed by Prof Joseph N Mbadugha, SAN, FCPA of McCarthy Mbadugha & Co, the counsel to Innoson Vehicles coming against repeated attempts made by the Chairman of Innoson Vehicles Manufacturing, Chief Dr. Innocent Chukwuma OFR, to …

Innoson Sues Imo Government Over N2.5 Billion Debt Read More

Victor Osimhen’s Sister And Her Husband Drag The Footballer Over ‘Unpaid’ Debt, On IG Live With Daddy Freeze [Video]

Media personality Daddy Freeze in a recent Instagram live session, hosted Esther Okolo, the Elder sister of Super Eagles Striker, Victor Osimhen, who voiced out her ordeal with the player. During the live chat, Esther disclosed that Osimhen has refused to return the money he owed her husband. According to her, her hubby was working with the Napoli Striker before they went their separate ways. Esther also lamented about being abandoned by the footballer after he became famous. She said Victor Osimhen does not treat her like his sister. “My brother Victor Osimhen accused my husband of not helping us which is true. Because I had to borrow money to start a business that I am into right now. I am not saying he should help me because he said he won’t help me. There is no problem with that, what I want is for him to pay my husband his money. Even my other siblings don’t want to help us retrieve the money. Daddy Freeze as I am talking to you I don’t have hope. ” Esther lamented. Her husband …

Victor Osimhen’s Sister And Her Husband Drag The Footballer Over ‘Unpaid’ Debt, On IG Live With Daddy Freeze [Video] Read More

Bobrisky Appears In Magistrate Court Over Unpaid Debt Allegations

Popular crossdresser, Bobrisky has been allegedly dragged to court over unpaid debts. Recall that last year, Bobrisky had been dragged by a jeweller for buying gold on credit for his birthday shoot and refusing to pay. The jeweller in a series of posts shared on Instagram claimed that Bobrisky’s outburst calling out his ex-best friend, Tonto Dikeh for owing him N5 million triggered the call out. According to the jeweller, Bobrisky is a hypocrite and clown, she questioned his gut in calling out Tonto Dikeh for debt, when he was also a debtor. The jeweller said they do not sell gold on credit or instalment payment, and Bobrisky’s case was unfortunate. The jeweller added that the issue had been in court for almost a year, and they were waiting for the final court judgement. Read more here. In a new update, the crossdresser appeared at Magistrate Court 1, Ajah division on Friday, July 1st. Exposing him, Gistlovers wrote, “Won tun ti gbe onigbese lo si court ooo. But fest of festin (in Tuta’s voice) Shey won fi Shey e ni Bob??? Na everyday …

Bobrisky Appears In Magistrate Court Over Unpaid Debt Allegations Read More

Singer Davido calls out show promoter in Italy over unpaid debt

Award-winning singer, Davido has taken to his Instagram story to lament over the disrespect and disregard given to entertainers. The singer who is currently not in the country pointed out how musicians always overwork their bodies, blood sweat and tears to keep up and deliver their shows for their fans. Unfortunately, their work and craft is been taken for granted. Davido called out a show promoter for refusing to keep to his side of the bargain. Davido noted how he had to take private jets and join several flights to get to his show only for the promoter to refuse to pay him his balance. He stated that the promoter sold thousands of tickets but doesn’t want to go pay the singer. Normally, the singer adopts the rules of no balance no show, but having pity for the fans who spent their last cash on tickets to his show, he had to perform. “We overwork our bodies, blood sweat and tears daily to keep up and deliver these shows for our fans….only for people to take our craft and hard work for granted….I …

Singer Davido calls out show promoter in Italy over unpaid debt Read More

Pay my money, nobody wishes to go back to a friend like you’ – Bobrisky drags Tonto Dikeh over unpaid debt

Nollywood actress Tonto Dikeh and social media Influencer, Bobrisky has resumed their verbal war. This started after Tonto Dikeh reacted hours after Kemi Olunloyo exposed what Bobrisky said to her following their loggerhead. Bobrisky had reached out to Kemi Olunloyo over Tonto Dikeh’s threats to her. Bobrisky told Olunloyo that Tonto Dikeh can not do anything, adding that she is just trash and bullshit. Reacting to Bobrisky’s words, Tonto Dikeh in a post shared on her Instagram page, said whenever she ex a friend, such person becomes dead and irrelevant to her. She added that God did her bad by giving her ex-friends who are so obsessed with her and are so pained that every time her name is trending over issues, they jump on it. She wrote: “When I ex you as a friend, you become dead to me, as in your irrelevance would be second to none. I am that friend that when I cut you off, I cut your existence out. But I don’t know why God punishes me with ex-friends who are so obsessed with me and that are so …

Pay my money, nobody wishes to go back to a friend like you’ – Bobrisky drags Tonto Dikeh over unpaid debt Read More

Nigeria serviced debt with N1.47tn first half 2021 – DMO

Nigeria spent N1.47tn on debt servicing payments in the first half of 2021, data obtained from the Debt Management Office have shown. In the first quarter of the year, the country spent N1.02tn on both domestic and external debt servicing, while a total of N445.45bn was spent in the second quarter of 2021. From January to March 2021, Nigeria spent N612.71bn on domestic debt servicing, while it spent $1bn (N410.33bn) on external debt servicing. From April to June 2021, Nigeria spent N322.7bn on domestic debt servicing and $299m (N122.7bn) on external debt servicing. The official exchange rate of the Central Bank of Nigeria ($1 is N410.33) as of October 4 was used for the external debt servicing. For domestic debt, Nigeria spent N219.29bn in January, N125.09bn in February, N270.33bn in March, N258bn in April, N42.4bn in May, and N22.3bn in June. In Q1, the government focused on principal repayments, while in Q2, the government focused on interest payments. Viable alternatives to Nigeria’s perpetual borrowingsA breakdown of the statistics in Q2 shows that the Federal Government spent a total of N322.7bn …

Nigeria serviced debt with N1.47tn first half 2021 – DMO Read More

N5bn AMCON Debt: Former Kwara Governor Evicted From Home

Following an unpaid N5bn debt to AMCON, the former Kwara state governor, Abdulfatah Ahmed has been ejected from his mansion situate at No.9A, AbdulRazaq Street, GRA, Ilorin. A team of 25 armed Mobile Policemen led by one Barrister Robert Nwoba is currently on the premises executing the quit order on the ex-governor and his family from the posh property. Source

N5bn AMCON Debt: Former Kwara Governor Evicted From Home Read More

Nigeria Among List Of Top 10 Countries With High Debt Risk Exposure – World Bank

Abuja – Nigeria is among a list of top 10 countries with high debt risk exposure. the World Bank has stated. It stated this in the financial statement for International Development Association, which was among the World Bank FY21 audited financial statements released on Monday. The financial statement said, “IDA faces two types of credit risk: country credit risk and counterparty credit risk. “Country credit risk is the risk of loss due to a country not meeting its contractual obligations; and counterparty credit risk is the risk of loss attributable to a counterparty not honoring its contractual obligations. “IDA is exposed to commercial as well as noncommercial counterparty credit risk.” It stated, “As of June 30, 2021, the 10 countries with the highest exposures accounted for 66 per cent of IDA’s total exposure.” Nigeria was rated fifth on the list with $11.7bn IDA debt stock, while India led the list with $22bn IDA debt stock, followed by Bangladesh with $18.1bn IDA debt stock, Pakistan with $16.4bn IDA debt stock, and Vietnam with $14.1bn IDA debt stock. Other countries on the …

Nigeria Among List Of Top 10 Countries With High Debt Risk Exposure – World Bank Read More

BudgIT: Nigeria made N3.42tn in 2020, debt servicing gulped N3.34tn

Abuja – An analysis from BudgIT has shown that the Federal Government spent N10.01tn in 2020. The analysis also showed that the Federal Government made N3.42tn and spent N3.34tn on debt servicing in 2020. According to analysed data by BudgIT, the Federal Government funded salaries, overhead, and capital expenditure with loans and the Central Bank of Nigeria’s Support. In 2020, N5.37tn was projected as total revenue by the FG. Actual realised revenue, however, was N3.42tn. Nigeria made N1.41tn from oil as against its projected N1.01tn in 2020, the report said. The Federal Government made N1.26tn from non-oil revenue sources as against the projected N1.62tn for the year. The FG claimed that it made no revenue from stamp duties, domestic recoveries, assets and fines, even though it had a projected N437bn revenue from them, the report said. The FG’s total expenditure was N10.01tn, which represented a 93 per cent performance when compared with the FG’s N10.8tn budget for 2020. The analysis also showed that the Federal Government disbursed only N359bn of N536bn on pensions in 2020. Cost of servicing debt was …

BudgIT: Nigeria made N3.42tn in 2020, debt servicing gulped N3.34tn Read More