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The Federal Government of Nigeria is expected to see a significant increase in its total debt from N87.3 trillion in December 2023 to N111.4 trillion due to fresh borrowings in the first quarter of 2024.
These borrowings include both domestic and international sources and aim to address the budget deficit. Domestic borrowings were raised through instruments like Treasury Bills, FGN Bonds, and Savings Bonds, while international borrowings include a $3.3 billion crude oil prepayment facility from Afreximbank.
The government is also considering additional loans, including a potential $1.5 billion loan from the World Bank. However, concerns have been raised about Nigeria’s debt sustainability and the need for responsible fiscal management to avoid exacerbating existing economic challenges…….CONTINUE READING
Fifty staff members of the Central Bank of Nigeria (CBN) were sacked, adding to ongoing disengagements. The termination affects various departments under the leadership of CBN governor, Mr Olayemi Cardoso. Since March 15, the dispatch of disengagement letters has caused apprehension among staff due to the lack of specified criteria. The sacking spree is expected to continue until the end of April, with affected staff expressing concerns over the alleged indiscriminate application of the bank’s policies. The apex bank has remained silent on the matter, despite allegations of illegality and favoritism.