Telecommunications operators are threatening to withdraw their services to banks and other financial institutions in Nigeria due to their unwillingness to pay their debts. To this end, bank customers will not be able to make ATM withdrawal or do transfers as well as other digital banking related services, if the telecommunications operators withdraw their services. […]
Tag: Debt
The Central Bank of Nigeria (CBN) has begun the collection of project support loan facilities to some state governments for the execution of some projects under its intervention programmes. The credit facilities were given to some states to finance various projects across different sectors, including agriculture and manufacturing. “We’ve also started recovering loans from state […]
The International Monetary Fund (IMF) has doused speculations that Ghana is poised to start talks on restructuring of its debt as part of plans to secure a $3 billion loan from the Fund. According to the Bretton Woods Institution, the restructuring of Ghana’s debt will be dependent on the outcome of its Debt Sustainability Analysis […]
On July 1, this year, the government announced its intention to go for an International Monetary Fund (IMF) support package. Interestingly, in July 2017, six months after assuming power on January 7, the Akufo-Addo administration said it would not extend the country’s running three-year IMF aid beyond April 2018, the expiry time. What changed for […]
Sydney and Kuala Lumpur — Inflation phobia among central banks (CBs) is dragging economies into recession and debt crises. Their dogmatic beliefs prevent them from doing right. Instead, they take their cues from Washington: the US Fed, Treasury and Bretton Woods institutions (BWIs). Costly recessions Both BWIs – the International Monetary Fund (IMF) and World […]
Mr Buhari explained that his government adopted the INFF with the support of the United Nations Development Programme (UNDP) to increase SDGs funding. President Muhammadu Buhari on Friday said his administration launched the Integrated National Financing Framework (INFF) to improve funding for Sustainable Development Goals (SDGs) without increasing public debt in the country. While speaking […]
Malawians have taken up on various social media platforms to applaud the government for successfully securing a US$50 million credit from the Arab Bank for Economic Development in Africa (Badea) for fuel purchase and importation, saying this would improve the fuel situation in the country. Malawi has been experiencing sporadic scarcity of fuel due to […]
Nigeria’s public debt has risen the most under the Buhari administration when compared to previous governments since 1999. Nigeria’s President, Muhammadu Buhari, on Wednesday at the United Nations General Assembly made a call for the cancellation of debts owed by developing countries. He noted that most developing countries are faced with multifaceted challenges with a […]
… Pledges free, fair poll, bids farewell to UN IN what appeared to be a valedictory speech, President Muhammadu Buhari yesterday addressed the United Nations General Assembly, UNGA, in New York for the last time and called for debt cancellation for developing countries, noting that it poses “severe challenges” to the affected nations. President Buhari […]
With mounting domestic debt now standing at a whooping N20.95trillion as of June 2022, Nigeria’s domestic debt service rose to N5.24trillion in 30 months, the Debt Management Office (DMO) data published on its website has revealed. The DMO data revealed that domestic debt service in the first quarter of 2022 was N664.73 billion, representing 0.6 […]
The National Bureau of Statistics, in 2020, ranked Ebonyi State as the fourth poorest state in Nigeria and the least in the South-east, regarding economic development. Despite a debt figure of over N41 billion, Governor David Umahi of Ebonyi State has built another governor’s lodge in Abuja which he said is valued at N1.2 billion. […]
Financial Economist, Prof. Lord Mensah, is skeptical about the government’s chances of tying down a bailout programme with the International Monetary Fund (IMF) in the last quarter of this year. This comes after the Managing Director of IMF, Kristalina Georgieva, in a meeting with the President of Ghana recently assured that a deal between Ghana […]
The recently released parliamentary committee report on the national economy and the state of indebtedness, grants, and guarantees indicates that Uganda’s public debt stock had increased by 22 per cent. The money Uganda owes to different creditors shot up to Shs 69.513 trillion ($19.54 billion) by the end of the financial year 2020/21, from Shs […]
Nume Ekeghe and James Emejo writes on the country’s controversial public debt stock that has been on the increase since 2015 and its lack of impact on key macroeconomic indicators Nigeria’s rising public debt profile has continued to be the subject of national discourse in recent times. Not that borrowing is bad in itself, especially […]
Ghana’s national netball team could miss participation in the 2023 Africa Games netball competition following its indebtedness to the World Netball. Information available to the Times Sports indicates that the Netball Federation of Ghana (NFG) has been inactive for the past 11 years on the competitive netball scene. Its last competitive engagement was at the […]
Sydney and Kuala Lumpur — As rich countries raise interest rates in double-edged efforts to address inflation, developing countries are struggling to cope with slowdowns, inflation, higher interest rates and other costs, plus growing debt distress. Rich countries’ interest rate hikes have triggered capital outflows, currency depreciations and higher debt servicing costs. Developing country woes […]
In faraway Washington, DC over the weekend, Vice President Yemi Osinbajo propounded new ideas on how best to bring developing nations to contribute adequately to the course of global net-zero emissions targets, facilitate energy access and development of African countries. Speaking at a lecture on a just and equitable energy transition for Africa at the […]
If and when Nigeria’s idea for a Debt-For-Climate Swap deal, tabled last week in the United States at different fora and events including at the White House by Vice President Yemi Osinbajo, SAN, is widely accepted, the Federal Government would be reaping a huge debt relief from some creditors ranging in the order of billions […]