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In 2023, Nigeria faces a fiscal challenge with several states grappling with significant debt burdens. The Spectacles examines the ten most indebted states based on their outstanding liabilities. 1. Lagos (₦1.97 Trillion) Lagos, Nigeria’s economic hub, tops the list with an outstanding debt of ₦1.97 trillion. This is attributed to extensive infrastructure development projects and […]
Nigeria has held onto its fourth position on the World Bank’s top 10 International Development Association (IDA) borrowers’ list, advancing from fifth place in the 2022 fiscal year. Although Nigeria retains its fourth place, it has accrued approximately $1.3 billion in debt within one year. This information was revealed in the World Bank Fiscal Year […]
When he steps down next week President Muhammadu Buhari will be leaving Nigerians less secure, poorer and more in debt than when he came to office in 2015. The former military ruler became president after winning a momentous election which saw the defeat of underperforming incumbent Goodluck Jonathan. Riding a wave of optimism that change […]
The World Bank says Nigeria’s constant fiscal deficit has worsened the nation’s public debt stock, with 96.3 per cent of government revenue spent on servicing debt in 2022. This was according to the Macro Poverty Outlook for Nigeria: April 2023 brief released by the bank. The report read in part, “The fiscal position deteriorated. In […]
The International Monetary Fund (IMF) has said Nigeria’s debt sustainability is at risk and causes a great deal of concern and unease in the long-term. IMF reiterated the need for the Nigeria government to implement timely fiscal reforms. IMF’s Mission Chief for Nigeria, Ms. Jesmin Rahman, said these yesterday, during a virtual media briefing on […]