Tag Archives: Nigeria

MTN Nigeria has raised N125bn through issuance of commercial papers to boost its short-term working capital and funding requirements. In a notice to the Nigerian Exchange Limited on Monday, the company said that it had completed the Series 4 & 5 Commercial Paper issuance under its N150bn Commercial Paper issuance programme. The notice signed by Company Secretary, Ufo Ukpanat, revealed ...

Global financial group, the International Monetary Fund (IMF) has called for the extension of the February 10 deadline for cash swap. The International monetary body made the call few minutes after the Supreme Court restrained the Federal Government and Central Bank of Nigeria(CBN) from enforcing the deadline. The IMF, in a statement in Abuja on Wednesday by Laraba Bonet, hinged ...

Nigeria’s public debt stock, which includes external and domestic debt, stood at N44.06 trillion (US$101.91 billion) in Q3 2022, having risen by N1.22 trillion from N42.84 trillion (US$ 103.31 billion) in Q2 2022. This was disclosed recently by the National Bureau of Statistics in its Nigerian Domestic & Foreign Debt Q3 2022 report. The NBS report said that Nigeria’s external ...

Nigeria’s largest telecommunications company MTN became the first publicly listed company to hit the N2 trillion mark in revenues. MTN first cross one trillion naira in revenues in 2019 meaning it has taken the company just three years to surpass N2 trillion in revenues. The company released its 2022 audited financial statements posting revenue of N2 trillion a 21.6% rise ...

The Federation Account Allocation Committee (FAAC) has shared N990.189 billion to the three tiers of government for the month of December 2022. This is contained in a statement issued by Mr Phil Abiamuwe-Mowete, Director (Information/Press), Ministry of Finance, Budget and National Planning. From the N990.189 billion, the Federal Government received N375.306 billion, the 36 states of the federation and the ...

Amid the endless fuel scarcity which has been affecting socio-economic activities across the country, the Central Bank of Nigeria (CBN) has revealed that Nigeria spent a total of $12.44 billion on the importation of petroleum products between January and October 2022. The CBN also stated that the country’s gross federation receipts which stood at N1,178.64 billion at the period under ...

Nigeria’s Debt Management Office (DMO) revealed that the next administration might inherit a public debt of N77 trillion if the Ways and Means Advances from CBN are securitized. This was disclosed in a statement by the DMO Director-General, Mrs Patience Oniha, on Thursday night reacting to reports over public debt stock of the next presidential administration. Oniha added that securitization ...

The Securities and Exchange Commission (SEC) has urged the Federal Government create a liquid debt securities market as this would result in a surge of private investments as well as quicken the dev Its Director-General, Lamido Yuguda, stated this at the 2022 Annual Workshop of the Capital Market Correspondents Association of Nigeria (CAMCAN) which held in Lagos at the weekend. ...

Amid massive debt profile and economic crisis the  Minister of Finance, Budget and National Planning, Zainab Ahmed has stated that Nigeria is not broke. According to her, the country continues to disburse funds to the three tiers of government from the Federation Accounts Allocation Committee (FAAC) saying that disbursements have not stopped. In a statement, she added that the Federal ...

A Professor of Applied Economics at Johns Hopkins University, Professor Steve H. Hanke, has argued that the actual inflation rate in Nigeria is worse than what is being reported by the National Bureau of Statistics. Based on Hanke’s Inflation Dashboard, the inflation rate in Nigeria is an eye-popping 52%, not the 20.8% official record reported for September 2022. Note that ...