Fidelity bank card banner Camano banner
Nigeria plans issue of $8.9bn bond to offset debts

By News Express on 13/07/2017

Views: 1,030

•Finance Minister Kemi Adeosun.
•Finance Minister Kemi Adeosun.

Nigeria plans to issue a 10-year promissory note to offset 2.7 trillion naira ($8.85 billion) owed to government contractors and employees, the finance minister said on Wednesday.

Nigeria, Africa’s biggest economy, is in the second year of a recession caused by low crude oil prices and attacks by militants on facilities in its Niger Delta energy hub. Oil sales account for 70 percent of government revenues.

Several states around the country raised money on the domestic bond market and from banks to fund infrastructure projects at the peak of oil prices. But as crude prices plunged many have found themselves unable to pay bills or salaries.

A total of 2.7 trillion naira is outstanding, Finance Minister Kemi Adeosun, told reporters in the capital, Abuja, after a cabinet meeting. Money is owed to state governments, contractors and oil marketers, she said, as well as power generation and distribution companies.

Some 740 billion naira of pension and salary arrears and 1.93 trillion naira of other obligations are also outstanding, including to federal government contractors and suppliers.

Source News Express

Posted 13/07/2017 05:08:47 AM

 

 

CLASSIFIED ADS

 

You may also like...
Accident Update: Schumacher in coma, fighting for life...

New Filling Fees: Obey court order, CSCEOS tells...

How ex-bank chief Akingbola bought £9.7m London houses:...

Banks set to take over Etisalat over N541.8bn...

Saraki inaugurates Nigeria/Morocco Parliamentary Friendship group

Yahoo to spin off main business into separate...

Jonathan declares National Conference open, speaks on expectations...

Facebook suspends app pre-installation on Huawei phones

Prophet predicts second civil war in Nigeria •Also...

Oshodi boils as hoodlums go on rampage

Dangote donates N1.2bn structure for Business School in...

Obi, Gates and adding value to the society...

 

Latest News Canadian regional government declares August 3 Igbo Day Presidential Election Tribunal orders INEC to produce documents requested by PDP, Atiku Oshiomhole behind Edo House of Assembly crisis: Obaseki Couple falls from 9 storey building while having sex Herdsmen: Anarchy looming in Nigeria — CAN •Calls on Ndigbo to defend themselves True confession: We don't know whereabouts of remaining Chibok girls - FG Reps ask IGP to shut down Edo Assembly Surrender or risk calamity – GOC warns insurgents Outrage over Gbajabiamila’s appointment of APGA member as aide Community leaders move against land racketeers in Uzo-Uwani Enugu Court to hear El-Zakzaky’s application to travel abroad on Thursday Sex toy shop saga: Senate extends committee investigation on Elisha Abbo

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (508,536 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (431,107 views) Shameless Genevieve Nnaji exposes breasts in public (372,910 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (316,442 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (281,995 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (246,953 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (238,792 views) 10 cars more expensive than Jets (222,473 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (220,855 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (208,418 views) Lagos plane crash: Journalist releases victims’ names (188,097 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (186,740 views)

 

NLNG Job Vacancy

CBN banner advert

UBA Wise Savers Promo

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (96) Business & Economy (4,354) Business Verdict (76) Columnists (1,070) Complaints & Requests (95) Enterprise & Opportunities (211) Entertainment (635) Features (778) Global Business Monitor (395) ICT Monitor (53) International (3,719) Interview (192) Live Commentary (30) Love Matters (163) Maggie's Blog (338) News (48,726) Opinion (1,290) Pidgin (17) Politics (11,162) Religion (1,050) Sports (2,097) Stock Watch (39) AMA & Al Jazeera Global Update

 

 

 

 

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera