Business

Nigeria’s Total Debt Hits N44.06tr

Published

3 years ago

December 10, 2022

Nigeria’s total debt stock has risen to N44.06 trillion on the back of borrowings by Federal and State Governments.

A statement by the Debt Management Office yesterday in Abuja explained: “as at September 30, 2022, Nigeria’s Total Public Debt Stock which comprises the Total Domestic and External Debt Stock of the Federal Government of Nigeria (FGN), all State Governments and the Federal Capital Territory (FCT) stood at N44.06 trillion”.

Nigeria’s total public debt stood at N42.84 trillion by June 2022.

According to the DMO, “the total domestic debt stock as at September 30, 2022, was N26.92 trillion while the total external debt stock as at September 30, 2022, was N17.15 trillion”.

The DMO attributed the increase in the debt stock to “largely new borrowings by the Federal Government to part-finance the deficit in the 2022 Appropriation Act, as well as, new borrowings by sub-nationals”.

Data from the DMO’s external and domestic debt service also showed that the country spent N1.17 trillion on debt in the third quarter (Q3) of 2022.

This was made of N820.59 billion spent on domestic debt service and N356.92 billion ($801.23 million) spent on external debt service.

Federal government spent N1.33 trillion to service domestic debts in the first half of 2022, representing an increase of 42.5 percent compared to N935.46 billion spent in the corresponding period of 2021.

A sizeable amount of this money was used to offset obligations to local contractors.

When compared to the second half of 2021, domestic debt service increased by 19.2 percent from N1.19 trillion.

Business

Naira Appreciates Against US Dollar After Highest Dip

Published

8 hours ago

November 21, 2025

Editor

The Naira bounced back, recording an appreciation against the United States dollar at the official foreign exchange market after hitting its lowest point this week.

Data from the Central Bank of Nigeria showed that the Naira strengthened to N1,452.13 on Thursday, up from N1,454.19 traded on Wednesday.

This represents a gain of N2.06 against the dollar on a day-to-day basis.

Meanwhile, in the black market, the Naira depreciated by N5 to N1,470 per dollar on Thursday, down from N1,465 recorded the previous day.

The apex bank’s data indicated that the country’s external reserves continued to rise, standing at $44.12 billion as of 19 November 2025, despite the mixed sentiments in the currency exchange market.

Recall that on Wednesday, the Naira recorded its highest depreciation against the dollar at the official FX market.

Business

Naira Records First Appreciation Against US Dollar As Foreign Reserves Hit $46.7bn

Published

2 days ago

November 19, 2025

Editor

The Naira recorded its first appreciation against the United States dollar at the official foreign exchange on Tuesday this week.

The Central Bank of Nigeria’s data showed that the Naira strengthened on Tuesday to N1,447.43 per dollar, up from N1,448.03 exchanged on Monday.

This means that the Naira gained N0.6 against the dollar on a day-to-day basis.

Meanwhile at the black market, the Naira remained unchanged at N1,465 per dollar on Tuesday, the same rate exchanged on Monday.

Checks on Nigeria’s foreign reserves showed that it has risen to $43.97 billion as of November 17th, 2025, according to the Central Bank of Nigeria’s data.

Meanwhile, the apex bank governor, Olayemi Cardoso, in an event on Tuesday, said the country’s foreign reserves rose to a seven-year high of $46.7 billion as of November 14.

Business

Dangote Sugar Announces South New CEO

Published

2 days ago

November 19, 2025

Editor

Dangote Sugar Plc has announced Mr Thabo Mabe, a South African, as its new Group Managing Director and Chief Executive Officer.

This follows the sudden resignation of Mr Ravindra Singhvi, an Indian.

The company disclosed this in a shareholders’ notice on Tuesday, in compliance with Nigerian Exchange Limited regulations.

Mabe’s appointment takes effect from December 1, while Singhvi’s resignation is effective from November 3ⁿ2025. The firm did not state a reason for Singhvi’s resignation.

“Mr Singhvi made significant contributions to the growth and transformation of the company and leaves behind a record of operational excellence,” the statement, signed by Mrs Temitope Hassan, Company Secretary and Legal Adviser, read.