Global debt has reached another record high, with total borrowing climbing to about $365.5 trillion by the end of June 2026, according to the latest figures from the Institute of International Finance (IIF). The figure represents an increase of more than $10 trillion during the first half of the year. The pace was slower than…
The Abia State Government has reduced its inherited debt from about ₦191 billion to ₦48.4 billion, according to figures released by the state’s Debt Management Office. The reduction means the administration of Governor Alex Otti has repaid more than ₦142 billion, or roughly 74.3% of the debt inherited when it took office in May 2023….
A fresh dispute over Peter Obi’s Anambra debt controversy has moved from claims about the state’s finances to a political challenge over his 2027 presidential campaign. The Anambra State Government says eight external loans linked to projects during or inherited by Obi’s administration had an outstanding balance of $92.35 million, equivalent to about ₦127.37 billion…
The Dangote Refinery has reduced its total debt by about ₦798 billion in the first half of 2026, bringing its liabilities down to roughly ₦7.9 trillion. The reduction comes at a significant time, as the refinery has opened its historic ₦2.15 trillion Initial Public Offering to investors. According to the company’s IPO prospectus, total debt…
The Economic and Financial Crimes Commission has recovered $60 million from Nestoil Limited and paid the money to a consortium of creditor banks, but the bigger story is what the recovery says about Nigeria’s growing problem with large corporate debts. The payment is the first stage of a structured repayment plan agreed between Nestoil and…
Edo State’s domestic debt has surged by ₦59.37 billion since the end of 2024, rising from ₦113 billion to ₦172.37 billion by March 2026, according to the latest Debt Management Office data. The increase has moved Edo from 12th to sixth among Nigeria’s most indebted states. But the most revealing part of the numbers isn’t…
The Nigerian Electricity Regulatory Commission (NERC) has dissolved the board of Kaduna Electricity Distribution Plc (KAEDC) after the company accumulated about ₦456.5 billion in market obligations, including ₦415.5 billion owed to Nigerian Bulk Electricity Trading and ₦41 billion owed to the Nigerian Independent System Operator. NERC has appointed an interim board and administrator for six…
The Federal Government has explained how savings from the removal of fuel and foreign exchange subsidies have been spent, saying the funds have largely gone into servicing debt, paying higher salaries under the new minimum wage, and financing student loans rather than being left idle. Speaking at the 7th African Emerging Markets Forum in Abuja,…
Nigeria’s public debt has exceeded the government’s debt sustainability threshold after the Federal Government borrowed 61.2% more than originally budgeted to finance a wider-than-expected fiscal deficit in 2024, according to data from the Budget Office analyzed by BusinessDay. The report showed that total public debt rose to ₦144.67 trillion, pushing the country’s debt-to-GDP ratio to…
A new report by ActionAid International and ActionAid Nigeria has raised concerns over Nigeria’s fiscal priorities, revealing that the country now spends nearly five times more on servicing external debt than on healthcare and education combined. The report talks about the growing burden of debt repayments on Africa’s largest economy, warning that rising obligations to…
