Trending Story

Nigeria’s borrowing costs hit 37%

266
The Federal Government’s domestic borrowing has risen to as much as N947.99 billion as at June 2018, a 37.04% increase from the previous year’s N687.37 billion, the Central Bank of Nigeria (CBN) reveals in its financial markets half year activity report released on Wednesday.

 

The bank attributes the rising cost to  the rise in the stock of the domestic debt, from N11.860 trillion at end-June 2017, to N12 .155 trillion at end-June 2018.

Nigeria’s central bank report shows that coupon payments for FGN Bonds, FGN Green Bonds and FGN Savings Bonds accounted for N542.73 billion or 57.62 per cent, N0.72 billion or 0.08 per cent and N0.50 billion or 0.05 per cent, respectively, while interest payments on Nigeria Treasury Bills (NTBs) and FRN Treasury Bonds stood at N379.51 billion or 40.29 per cent and N10.36 billion or 1.10 per cent, respectively.

Rental payments on FGN Sukuk of N8.17 billion or 0.87 per cent accounted for the balance, according to the report.

Concerns about an expected surge in federal borrowing have escalated in some quarters.

Leave a comment

Related Articles

Tinubu, Abiodun, Sanwo-Olu, others extol Pastor Tunde Bakare at 70

Pastor Tunde Bakare, the founder of Citadel Global Community Church, is a...

Emirship crisis: Kano govt. allocates N99.9m for Nassarawa mini-palace renovation

In response to the court’s order reinstating him, the Kano State Government...

Nigeria’s foreign exchange reserves up by 5 percent to $33.58bln

Nigeria’s foreign exchange (FX) reserves have increased by five percent in the...

Billionaire philanthropist Tony Elumelu mulls buying NPFL team

As part of his corporate social responsibility, billionaire banker and philanthropist Tony...

Terry G speaks on Davido, Wizkid, and Burna Boy rivalries, faces backlash from fans

Nigerian music sensation Terry G, also known as the Apako master, has...

Dani Alves pays €1m bail, set to leave Spanish jail

Former Brazil and Barcelona star Dani Alves, convicted of rape in Spain,...

World TB Day: 70 percent of TB cases in Africa now being diagnosed and treated – WHO

The World Health Organization (WHO) has disclosed that about 70 percent of...

13th AAG: Tobi Amusan wins gold in women’s 100m hurdles

The Nigerian sprint star, Tobi Amusan, won gold in the women’s 100m...

FG approves N12.7bln for mass metering of army barracks nationwide

The Federal Government says it has released N12.7 billion to provide electricity...

Women’s Day: Tinubu felicitates women, vows to prioritise their welfare, rights

President Bola Tinubu has promised to prioritize the welfare of women, protect...

All African Games: Nigeria’s Flying Eagles start their campaign on a losing note

The Flying Eagles of Nigeria started their campaign in the men’s football...

EFCC sets up task force to combat dollarization of economy, mutilation of naira

The Economic and Financial Crimes Commission (EFCC) has announced the setting up...

How Bafarawa diverted N4.6bln from ex-NSA for prayers, election, acquire luxury vehicles

A startling revelation has been made about how a former governor of...

CBN redeploys 1,500 staff to Lagos

The Central Bank of Nigeria (CBN) says it has redeployed 1,500 staff...

AFCON: Pres. Tinubu says unimpressed with Super Eagles’ performance

President Bola Tinubu has expressed his displeasure over the performance of the...

I’ve not met a man kind enough to marry —Ini Edo

In a candid revelation, renowned actress, Ini Edo, has hinted about the...

Ogun CP visits shot Nollywood actor, Ijaduade, vows to punish trigger-happy cop

Nollywood actor and Director, Azeez Ijaduade, who was shot “accidentally” by a...

Breaking: Actor, Azeez Ijaduade, allegedly shot by policeman in Ogun

In a shocking incident that has sent shock waves to Yoruba section...

Fast and furious actor, Vin Diesel, accused of sexual assault

Vin Diesel, known for his role in the Fast & Furious Series,...

Anyone asking for money this festive season lacks conscience, fear God – Comedian AY

Amid Nigeria’s challenging economic downturn, renowned comedian, Ayo Makun, popularly known as...