FG tilts towards fresh N7tr loan as Q1’ 22 revenue disappoints

Nigeria will require about N7.38 trillion in new loans from May to December, 2022 due to its inability to generate adequate revenue in the first four months of 2022, a published analysis by a renowned business newspaper has revealed.  It stated that with the factors responsible for the poor revenue generation still ravaging, the federal government is left with no options but new loans to augment its revenues in order to remain solvent in 2022 and beyond. Recall that a t the presentation of the budget performance last Thursday in…

Read More

Fuel scarcity: IPMAN demands N40bn for fuel haulage, association from FG

The Independent Petroleum Marketers Association of Nigeria (IPMAN) on Tuesday in Sokoto called on the Federal Government to settle the N40 billion debts it owed the association. It said the debt arose from haulage of petroleum products to Sokoto, Kebbi, Zamfara and parts of Katsina states by its members. Alhaji Surajo Yahaya-Kamba, IPMAN Branch Chairman at Gusau Depot, who supervises operations in the states, made the call at the end of a meeting of members. He said the agreement signed between the association and the Federal Government was for the…

Read More

Buhari seeks NASS approval to borrow extra $4bn, €710m

President Muhammadu Buhari is seeking the approval of the National Assembly to borrow a fresh $4,054,476,863 and €710 million, in an addendum to the 2018-2020 borrowing plan. The President also asked the 9th Assembly to approve grant components of $125 million. The request was in a letter read by Senate President Ahmad Lawan on the floor of the upper legislative chamber, yesterday. Recall that in July, the National Assembly approved the sums of $8.3 billion and €490 million loans contained in the initial 2018-2020 borrowing plan. However, in the letter,…

Read More