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Keyamo gives NAMA go-ahead to ground Arik Air planes over $2.5m debt

The Minister of Aviation and Aerospace Development, Festus Keyamo has granted the Nigerian Airspace Management Agency (NAMA) permission to ground some aircraft belonging to...

Business

Debt servicing gulped N5.78trn in first nine months of 2023-Budget Office

Nigeria spent a whopping N5.78 trillion on debt servicing in the first nine months of 2023, fresh data from the Budget Office of the...

Business

Int’l Breweries seeks shareholders’ consent to convert $379.9m debt to equity

International Breweries Plc will at an Extra-ordinary General Meeting (“EGM”) to take place on April 9, 2024 seek shareholders’ approval to convert an intercompany...

Business

How to ease rising external debt-service pressures in low-income countries

As 2024 starts, the good news is that there haven’t been any notable requests by a low-income country for comprehensive debt relief since Ghana’s,...

Business

FG’s debt service to revenue tops 183% in 2023 Q1

A review of the budget implementation report for the first quarter of 2023 released by the budget office indicates total budgeted revenue of N2.16...

Business

Telcos may approach court over N120bn USSD debt, threaten service withdrawal

There is yet to be an end to the controversies surrounding the about N120 billion owed telecommunication companies by banks in the country for...

Business

Despite mounting debts, Tinubu to take another $1.5bn World Bank loan

The Federal Government is about securing another $1.5 billion loan from the World Bank, despite mounting debt pressure hanging on the country.The new $1.5...

Business

Nigeria ranks fourth on World Bank’s IDA borrowers’ list with $14.3bn debt

Nigeria has maintained its fourth position on the World Bank’s top 10 International Development Association (IDA) borrowers’ list, after moving up from fifth position...

Business

World Bank warns high rates could cause trouble for struggling countries

The World Bank’s chief economist, Indermit Gill, on Wednesday, warned that interest rate hikes could spell trouble for countries struggling to deal with debt.In...

Business

MAN accuses Nigerian govt of transferring N77bn debt burden to manufacturers

The Manufacturers Association of Nigeria (MAN) said the Federal Government is placing its N77 trillion debt burden on manufacturers through high and multiple taxes.In...

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