Kwara State Police Command has announced a discreet investigation into the sudden death of 35-year-old Jimoh Abdulquadri while in police custody. Eko Hot Blog reports that the deceased, a resident of the Balogun Fulani community in Erubu/Asunnara, Ilorin, was reportedly arrested on December 19, 2024, over an alleged debt of N220,000 owed to an individual … Read more
Nigeria’s debt to the World Bank’s International Development Association (IDA) rose to $17.1 billion as of September 30, 2024. According to the World Bank’s financial statements for the fiscal year ending September 2024, this marks a $600 million increase from the $16.5 billion recorded in June 2024. With this figure, Nigeria remains the third-largest debtor … Read more
Chinese leader Xi Jinping pledged over $50 billion in financing for Africa over the next three years, promising to enhance cooperation in infrastructure and trade during Beijing’s largest summit since the pandemic. EKO HOT BLOG reports that more than 50 African leaders, along with UN Secretary General Antonio Guterres, are attending this week’s China-Africa forum, … Read more
FG has lifted the suspension on Arik Air’s operations, which was initially grounded due to a $2.5 million debt The Federal Government has lifted the suspension on the operations of local airline Arik Air. EKO HOT BLOG reports that this is more than a week after the Minister of Aviation and Aerospace Development, Festus Keyamo, ordered … Read more
ASUU, Calabar Zone, criticizes the Federal Government’s student loan, calling it a scheme to indebt Nigerian students. The student loan program started last Friday, with 3,764 applications from 126 institutions on the first day. ASUU’s Dr. Happiness Uduk highlights the irony of former scholarship beneficiaries now promoting student loans. EKO HOT BLOG reports that the Academic … Read more
FG To Revoke Meter Contract From Foreign Company. $200 million mobilized, but three million meters still pending. Gas supply shortage hampers power generation despite government debt to suppliers. EKO HOT BLOG reports that the Federal Government has hinted that it might revoke a meter contract awarded to a foreign company named Zigglass Limited. The Minister of … Read more
There was a recent public spat between the camps of Kaduna governor and the immediate past governor of the state. The spat, which occurred during the weekend, centered on a foreign loan taken by former Governor El-Rufai. Shehu Sani, who opposed the loan in 2018, has now reacted to the controversy. Eko Hot Blog reports … Read more
Nosiru Onibon has weighed in on the pervasive issue of crime in Nigeria. In his opinion, the low prosecution of crimes has resulted in lack of accountability. He says lack of accountability leads to repeat crimes. Eko Hot Blog reports that a former Deputy Vice Chancellor of the Lagos State University of Education (LASUED), Associate … Read more
EKO HOT BLOG reports that the federal government of Nigeria, under the leadership of President Bola Tinubu, is set to audit the N23 trillion Ways and Means debt hanging on its neck. This was made known on Tuesday by the Minister of Finance and Coordinating Minister for the Economy, Wale Edun, during the Public Wealth Management … Read more
Eko Hot Blog reports that an FCT High Court sitting in Abuja has issued a garnishee order for the freezing of 10 commercial bank accounts operated by the Oyo State Government over N3.5 billion debt. The order, issued by Justice Anitte Ebong, was initiated by former council chiefs in Oyo State who were sacked by … Read more
EKO HOT BLOG reports that the Kano State government has said that the immediate-past All Progressives Congress (APC)-led administration of Dr. Abdullahi Umar Ganduje left behind a debt burden of over N500billion, a development, it said, impeded the smooth take-off of the new administration in the State led by the New Nigeria Peoples Party (NNPP). … Read more
Eko Hot Blog reports that The Federal Government has discovered a significant debt amounting to approximately N6 trillion owed to 11 ministries, departments, and agencies (MDAs) by individuals and corporate entities. The discovery was made through the consolidation efforts of the Debt Analytics & Reporting Application of the Ministry of Finance, Budget and National Planning. … Read more
EkoHotBlog reports that about 25 states in Nigeria suffered a shortage fall in internally generated revenue and struggle with cash crunch in the first quarter of 2023. Data obtained from the budget implementation by The Punch report of each state showed that 25 states earned N182.26bn in Q1 2023. This was a shortfall of 3.07 … Read more
President Tinubu forms committee to resolve NNPC-FAAC dispute over unremitted funds. Investigation launched into NNPC’s alleged failure to pay N2.1 trillion, reconcile government’s debt. NNPC claims government owes over N4.2 trillion in charges. EKO HOT BLOG reports that President Bola Tinubu has set up a committee to resolve the tussle between the Nigeria National Petroleum … Read more
DMO warned FG against additional borrowing due to high Debt Service-to-Revenue ratio. DMO advised FG to focus on revenue generation & recommended 6 ways to reduce borrowing. DMO’s warning comes as debt profile continues to grow. EKO HOT BLOG reports that the Debt Management Office (DMO) has warned the Federal Government against additional borrowing, saying … Read more
Prominent Figures have asked Tinubu to seek for debt forgiveness for the country. Babalola states that the cost of government must also be reduced for the country to progress. Tinubu is set to be inaugurated in less than a week time. EKO HOT BLOG reports that Aare Afe Babalola, the founder of Afe Babalola University … Read more
Former Nigerian lawmaker Shehu Sani has criticized President Buhari for claiming to have delivered on his promises. Sani accused the outgoing president of leaving behind a huge debt and masses of citizens in poverty, citing a UNICEF report that over 133 million Nigerians live in poverty. He also alleged that Buhari would be leaving behind … Read more
FG has revealed that the country incurs debt sometimes just to purchase petrol due to the fuel subsidy. According to the Minister, there is a high possibility of global economic recession this year. The Minister believes the government would be able to increase the revenue performance on the 2022 figure, as well as reduce the … Read more
CBN has been ordered to freeze Polaris Bank account over debt record. EKO HOT BLOG reports that the Nigeria’s apex bank, the Central Bank of Nigeria (CBN), has been ordered to freeze the account of Polaris Bank over a judgment debt of N2.16 billion. A high court sitting in Akure, the Ondo state capital, granted … Read more