Nigeria’s Monthly Debt Service Jumps To $101m In One Month – CBN Discloses

Figures obtained from the Central Bank of Nigeria have revealed that NIGERIA’S monthly debt service rose by $31.46m in one month to $101.29m in January. This indicates a 45 per cent increase month-on-month.

The CBN reportedly disclosed in its data on debt service repayment that the government spent $69.83m on debt service repayment in December. The data also showed that the government spent $148.57m and $85.23 on debt service repayment in November and October 2021 respectively.

The Debt Management Office had disclosed that Nigeria’s outstanding debt stood at N39.57tn or $95.78bn as of the end of December 2021. It added that total external debt gulped 40.08 per cent, totalling N15.86tn or $38.39bn in the period under review. The total public debt rose from N27.4tn or $80.05bn as of the end of December 2019 to N32.92tn or $86.4bn as of the end of December 2021.

The Centre for the Promotion of Private Enterprise had said Nigeria’s debt, including that of the Asset Management Corporation of Nigeria and borrowings from the Central Bank of Nigeria, could hit N50tn within the shortest possible time. It disclosed this while unveiling the 2022 first quarter economic review of CPPE.

CPPE however, advocated for concessionary financing for the country, as opposed to commercial debts which are expensive.

Comments

Post a Comment

Popular posts from this blog

UNIZIK 2023/24 ADMISSION GUIDELINES AND PROCEDURE

Image
It's no longer news that Nnamdi Azikiwe University (UNIZIK) has commenced her admission ahead of the 2023/24 academic session, however in this article I'll be highlighting the guidelines on what next to do on seeing Admission In Progress (AIP) in our JAMB caps. Before then, it's good to note that UNIZIK do have four admission lists, first on merit and it comes in batches (A&B), second is partly on persons being transferred to another course and supplementary, third is more of supplementary admission followed by Vice Chancellor (VC)'s list. And then the admission is being given based on JAMB quota as made mandatory to all federal universities in Nigeria. This admission quota in lay man understanding means, considerations for admission of candidates or Nigeria varsity Aspirants in their choosen varsity. In summary, note that Admission into all Federal Higher Institutions of learning via UTME in Nigeria is based on the following quota: ■ Merit - 45% ■ Catch
Read more

Important Notice To Every Admitted 2023/24 UNIZIK Aspirant (UPDATED)

Image
It's no longer news that some 2023/24 aspirants of Nnamdi Azikiwe University, Awka who passed the cut-off mark for their individual courses have been admitted into the institution. However, this article is to remind the newly admitted students to ahead of physical clearance, start getting their documents among other things ready, mostly the local government identification letter and accommodation. Those who has seen "CONGRATULATIONS YOU'VE BEEN OFFERED ADMISSION" and has accepted their admission should after a week, go to any JAMB accredited cyber cafe near them for the JAMB original result and admission letter. Regarding UNIZIK's physical clearance; the truth is that after Unizik send your details to Jamb for verification and finally have you admitted via Jamb caps, next is you paying your acceptance fee but that's after your admission reflects in Unizik caps (we'll be updated on it when it does). After paying acceptance fee, comes biometrics
Read more

Unizik 2022/23 Supplementary Admission Application

Image
This is to inform all 2022/23 aspirants of Nnamdi Azikiwe University, Awka that the school has release her supplementary admission form. The supplementary admission form is for aspirants who due to several reasons ranging from low cutoff mark among others, wasn't admitted. And it's normally released at the ending or even end of merit list (including those admitted base on Catchment and ELDS). How the supplementary admission application works: Unizik will announce that the portal or link for the supplementary admission form will be made available or opened on a certain date or day. Once you see this update and u've not been admitted and ur Jamb caps isn't showing AIP (admission in progress), stay glued to ur phone on the D-Day for the form. If the portal will be opened by 10am, be active from 9:40-55. Once the portal gets activated, rush and apply then purchase immediately. How to purchase: When the portal is being enabled, by then Students will have the link
Read more