Supreme Court has nullified a Court of Appeal order that froze the assets of Nestoil Limited, Neconde Energy Limited and two other firms over an alleged $1.1 billion debt claim. In a unanimous decision delivered by a five-member panel, the apex court ruled that the appellate court exceeded its...
debt
Nigeria’s Eurobond market recorded mixed performance on Wednesday, May 27, 2026, with yields on the country’s longer-dated sovereign bonds climbing above 8 per cent, reflecting continued investor caution toward emerging market debt despite relatively stable prices across most maturities. Data released by the Debt Management Office (DMO) on Friday...
Nigeria’s Eurobond yields rose across most maturities on Friday, May 22, 2026, reflecting cautious investor sentiment toward emerging market debt instruments amid global market uncertainties. Data released by the Debt Management Office (DMO) on Monday May 25 showed that yields on the country’s sovereign Eurobonds ranged from 5.652 per...
In response to a recent surge of online protests urging the World Bank to stop issuing loans to Nigeria, the Presidency has addressed the concerns raised by Nigerians flooding the international lender’s social media platforms. The online campaign, marked by widespread appeals from citizens frustrated with government borrowing, called...
Debt Management Office (DMO) is back in the domestic market today Monday, 18 with a N600 billion bond reopening, led by the government’s most active long-dated security, the 22.60 percent FGN January 2035 bond. According to the DMO announcement, the offer is split into two tranches of N300 billion...
The Independent Media and Policy Initiative (IMPI) has defended President Bola Tinubu’s debt-for-infrastructure policy, insisting that strategic borrowing remains critical to addressing Nigeria’s huge infrastructure deficit and stimulating long-term economic growth. In a policy statement issued by its Chairman, Dr. Omoniyi Akinsiju, the group argued that criticisms against the...
Former Labour Party presidential candidate, Peter Obi, has raised fresh concerns over Nigeria’s growing debt profile, warning that the country’s rising debt servicing obligations are beginning to overshadow investments in critical sectors such as education, healthcare, and poverty reduction. In a statement shared on Monday on X following President...
Nigerians have taken to the World Bank’s official social media platforms especially Instagram and X (twitter) with comments to urge the lender to halt further approving new loans for President Bola Tinubu’s administration, citing rising debt and concerns over how borrowed funds are used. The outpouring followed reports that...
Debt Management Office (DMO) has offered to auction ₦600 billion in Federal Government of Nigeria bonds on May 18, 2026, as it continues to finance fiscal obligations and extend the maturity of domestic debt. According to an offer circular released on Tuesday, the auction comprises two re-opened instruments of...
President Bola Ahmed Tinubu led federal government is asking the World Bank for another $1.25 billion loan to fund investment and job creation. The loan, called Nigeria Actions for Investment and Jobs Acceleration, is close to approval and could be presented to the World Bank board on June 26,...
President Bola Tinubu has raised concerns over Nigeria’s growing debt burden, warning that the country could spend as much as $11.6 billion on debt servicing in 2026 if current global financial conditions persist. Speaking at the Africa Forward Summit held in Nairobi, the president said nearly half of Nigeria’s...
Kaduna State Commissioner for Local Government and Chieftaincy Affairs, Sadiq Mamman Lagos, has dismissed claims that the ministry is indebted to contractors to the tune of over N30 billion, insisting that any aggrieved party should seek redress in court. Addressing journalists at a press conference in Kaduna on Friday,...
Former presidential candidate of the Labour Party, Peter Obi, has strongly criticised Nigeria’s borrowing pattern, warning that debt taken without productive purpose poses grave risks to the nation’s economic future. In a post shared on X (formerly Twitter), Obi likened unproductive borrowing to deadly diseases, arguing that loans not...
Former presidential candidate, Peter Obi , has expressed deep concern over Nigeria’s growing debt profile and declining economic performance, warning that borrowing without productivity-driven growth is pushing the country toward deeper financial distress. In a post shared on X (formerly Twitter), Obi referenced recent findings by the World Bank,...
A delegation of indigenous contractors across Nigeria has commended the Minister of State for Finance , Doris Uzoka-Anite, for her prompt intervention in addressing the long standing issue of outstanding payments owed to members of their community. Speaking after a meeting with the Minister and her management team, the...
President Bola Tinubu has approved the cancellation of a significant portion of the Nigerian National Petroleum Company Limited’s (NNPC Ltd) outstanding debts to the Federation Account, wiping off legacy obligations valued at about $1.42 billion, alongside trillions of naira in reconciled liabilities. The approval is contained in a document...
A member of the House of Representatives, Ikenga Ugochinyere, has called for a comprehensive audit of the Federal Ministry of Finance and the Federal Inland Revenue Service (FIRS) over the Federal Government’s alleged ₦4 trillion indebtedness to local contractors. Ugochinyere, who represents Ideato North/South Federal Constituency of Imo State,...
Senate has approved President Bola Tinubu’s request to borrow ₦1.15 trillion from the domestic debt market to fund part of the deficit in the 2025 budget. The decision was reached during Wednesday’s plenary after lawmakers adopted the report of the Senate Committee on Local and Foreign Debts, presented by...
The lingering legal tussle between Sagecom Concept Ltd and Fidelity Bank Plc took a fresh turn on Monday as Sagecom asked the Supreme Court to dismiss the bank’s motion seeking a review of the ₦225 billion judgment debt earlier awarded in Sagecom’s favour. Sagecom’s lead counsel, Adeyinka Olumide-Fusika, SAN,...
A chartered accountant and financial analyst in Taraba State, Olayinka Gabriel, has faulted the recent claim by a former lawmaker, Hon. Danjuma Shidi, alleging that the state’s debt has risen to N1.2 trillion, stating that the figure presented by Shiddi is misleading. Hon. Shidi who represents Wukàri/Ibi Federal Constituency...