debt:

₦77 Trillion Debt Buhari's Wickedness On Nigeria's Future

₦77 Trillion Debt: Buhari’s Wickedness On Nigeria’s Future

January 16, 2023 3:13 am

It has been established that there is nothing wrong with borrowing, however, when one borrows on behalf of the public only to steal it, it becomes highly sacrilegious, wicked, and inhumane since the repayment of such debts are going to fall back on the same public who knew nothing about it Ab initio. 

Perhaps, one of the most potent dangers threatening the very foundation of the Nigerian state is the increasing propensity of governments to solely rely on internal and external borrowing to finance their operations. Under previous administrations that preceded the President Muhammadu Buhari-led government, there were flashes …

We Can Justify Every Debt Incurred Under Buhari – Fashola

We Can Justify Every Debt Incurred Under Buhari – Fashola

August 26, 2022 6:45 am

Nigeria’s Minister of Works and Housing, Babatunde Fashola, has claimed that the Buhari administration has been able to provide validation to all the debts it has borrowed by constructing various infrastructures across the country.

Fashola made this known while speaking at the closing ceremony of the 28th National Council of Works meeting held in Kano on Friday.

He said the ongoing projects across the country had justified the debts, especially when compared with what the previous administrations had done.

‘Our first budget in 2016 was over N250bn, up from the N18 billion we met in 2015. That was an …

Buhari Can Borrow 'From Here To Eternity' PDP Berates Adamu

Buhari Can Borrow ‘From Here To Eternity’: PDP Berates Adamu

August 17, 2022 4:12 am
 The National Chairman of the All Progressives Congress (APC), Abdullahi Adamu has come under fire for making a statement, asserting that the Federal Government can borrow ‘from here to eternity.’
Debo Ologunagba, The PDP spokesman, criticised the party leader for justifying the debt accumulated by the Nigerian government under the Muhammadu Buhari-led administration, which he stated that the loans were for consumption.
The country owes more than N41.60 trillion in foreign debt, and President Major General Muhammadu Buhari (ret.) has been lambasted for obtaining loans to fund national projects.
On Monday, Adamu contended that nations like the United States and
…
$500m Chinese Debt Sparks Confusion In Airport Concession

$500m Chinese Debt Sparks Confusion In Airport Concession

November 16, 2020 2:41 am
 Federal Government’s plan to concession airports has run into difficulties over existing debt and pact with China to build four new terminals at the cost of $500 million.The ‘concession within concession’, according to the coalition of aviation workers’ unions, is untidy and not in the best interest of the country. Hence, this among other concerns regarding the airport concessioning should first be resolved.

A group of former Managing Directors and Directors of Federal Airports Authority of Nigeria (FAAN) warned against a Mezzanine Clause in all Chinese sponsored projects, adding that any contravention of the agreement with China on the

…
Banks, Telcos In Talks To Settle ₦17bn USSD Debt

Banks, Telcos In Talks To Settle ₦17bn USSD Debt

October 28, 2020 9:50 pm

Commercial banks and mobile network operators have commenced discussion on how the ₦17bn accumulated debt for Unstructured Supplementary Service Data access will be paid.

Read Also: Banks CEOs Disclaim MTN Over USSD Transactions Charges

Findings showed the two parties would reach an agreement on modalities for payment soon.

Confirming this to The PUNCH, the Chairman, Association of Licensed Telecommunication Operators of Nigeria, Gbenga Adebayo, said, ‘Discussions are ongoing and we are hoping that this will result in settlement. But certainly, the banks are indebted to telcos.’

The Executive Vice Chairman of the Nigerian Communications Commission, Prof. Umar Danbatta, who spoke …

AMCON Reports 1,000 Chronic Debtors Owing ₦3.96tn

₦1bn Debt: AMCON Takes Over Ex-Minister’s Assets

November 19, 2019 2:50 am
Following the order of Hon. Justice Chuka Austine Obiozor of the Federal High Court, Lagos, the Asset Management Corporation of Nigeria (AMCON) has taken over two properties belonging to Mr Ademola Seriki, in Lagos and Abuja over an outstanding indebtedness of nearly ₦1billion. 

The case between AMCON and Seriki, a former Minister of State for Defence as well as a former Supervising Minister for Mines and Steel Development has lingered for a while  with the bad bank waiting for the obligor to pay up.

In a statement yesterday, AMCON said it does not in the first instance resort to the …

$9.6bn judgement debt: Experts proffer solution to Nigeria

$9.6bn judgement debt: Experts proffer solution to Nigeria

August 31, 2019 4:51 am

Although the Federal Government is reportedly considering negotiating its way out of the $9.6 billion United Kingdom (UK) judgment debt, stakeholders in the oil and gas industry, including legal experts, yesterday discussed a multidimensional approach that may enable the government reverse or manage the judgment, which may cost the nation about N3 trillion.

While some legal experts called on the government to immediately file a stay of execution of the judgment, other stakeholders believed that the judgment could be re-negotiated, reduced and settled in a way of investment that would be beneficial to Nigeria and ease the level of impact …

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𝐀𝐟𝐫𝐢𝐜𝐚 𝐃𝐢𝐠𝐢𝐭𝐚𝐥 𝐍𝐞𝐰𝐬, 𝐍𝐞𝐰 𝐘𝐨𝐫𝐤, is a nonpartisan online news portal founded on the truth to provide you with weekly, insightful articles written with precision and current updates on current events from Africa in particular and the rest of the world in general. All of our reports undergo extensive fact-checking to ensure their veracity, and we adhere strictly to the facts, no matter whose ox is gored.

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