Saturday, January 28, 2023
  • Home
  • Markets & Companies
  • Business & Economy
  • INNOVATION
  • EMPIRE
  • OPINION
  • CULTURAL CURRENTS
  • Features
  • AE Magazine
  • CORPORATE RENDEZVOUS
Financial Street
No Result
View All Result
  • Home
  • Markets & Companies
  • Business & Economy
  • INNOVATION
  • EMPIRE
  • OPINION
  • CULTURAL CURRENTS
  • Features
  • AE Magazine
  • CORPORATE RENDEZVOUS
Financial Street
No Result
View All Result

Ebonyi’s foreign debt rises by 39.62%

Ehime Alex by Ehime Alex
April 14, 2021
in Economy, Front Page
0
Ebonyi’s foreign debt figure rises by 39.62%
2
SHARES
730
VIEWS
Share on FacebookShare on TwitterShare on LinkedInShare on WhatsApp

Ebonyi State foreign debt portfolio has risen in the last six years, Financial Street can report.

According to data pooled from the Nigerian Debt Management Office’s official website, the state’s foreign debt rose by 39.62 per cent from $47.2m in December 2015 to $65.9m in December 2020.

READ ALSO

Zelenskyy names Ezekwesili, others ‘Grain from Ukraine’ envoys

Absence of sacrifice hurting our polity, elections – Enechionyia

During the years under review, its foreign debt was highest in 2018 at $66.7m.

Read Also:

  • Afrinvest, Interswitch, Obiano, UBA lead top 10 performing brands
    Afrinvest, Interswitch, Obiano, UBA lead top 10 performing…
  • Absence of sacrifice hurting our polity, elections – Enechionyia
    Absence of sacrifice hurting our polity, elections –…
  • Scholarly opportunities in W’Africa and youth development
    Scholarly opportunities in W’Africa and youth development

The figure was more than double by 137.37 per cent between 2016 and 2018.

The increasing debt profile for Ebonyi, the DMO said, excluded the $70m ‘Ring Road Project’ loan warehoused by the Nigerian Federal Ministry of Finance.

If the $70m is added to the 2020 $65.9m, Ebonyi’s foreign debt portfolio totals $135.9m, the management office disclosed.

“At the official exchange rate of N411 to a dollar, our state owes N55.85bn. This excludes domestic debt of N42.41bn contained in NBS (National Bureau of Statistics) report released last month,” a statement from DMO reportedly said.

The crux of the matter, according to the DMO, is that Ebonyi’s foreign debt profile rose from $47.3m in 2015 to $65.9m in 2020 with the exclusion of the $70m Ring Road project.

It said, “The questions, therefore, are:  who borrowed the $18.9m additional sum since this current administration told the world sometime last year it hasn’t borrowed a dollar since it came to power?”

In 2015, the state got N4.063bn of its share from the federal government of Nigeria’s bail-out funds designed to ease the financial challenges faced by the second tier of government, to clear outstanding salary arrears of their workers.

In 2019, funding was approved for the state for an important road project, a $70m loan provided by the African Development Bank Group in partnership with the Africa Growing Together Fund, and $80m provided by the Islamic Development Bank.

Tags: DMOEbonyi StateForeign debt

Get real time update about this post categories directly on your device, subscribe now.

Unsubscribe
Ehime Alex

Ehime Alex

Ehime Alex reports the Capital Market, Energy, and ICT. He is a skilled webmaster and digital media enthusiast.

Related Posts

Zelenskyy
EMPIRE

Zelenskyy names Ezekwesili, others ‘Grain from Ukraine’ envoys

January 27, 2023
Absence of sacrifice hurting our polity, elections – Enechionyia
EMPIRE

Absence of sacrifice hurting our polity, elections – Enechionyia

January 26, 2023
Brands in Nigeria
Front Page

Afrinvest, Interswitch, Obiano, UBA lead top 10 performing brands

January 25, 2023
Rhodes Scholarships
CULTURAL CURRENTS

Scholarly opportunities in W’Africa and youth development

January 24, 2023
Christmas and New Year holidays
CONSUMER PERSPECTIVE

Frustration of bank customers during public holidays

January 17, 2023
Front Page

OAA agency celebrates as founder joins tourism experts

January 14, 2023
Next Post
PIN opens registration for digital rights forum

Marginalised African communities face alienation - PIN


Naira4Dollar Rates
ADVERTISEMENT

RECENT STORIES

Zelenskyy

Zelenskyy names Ezekwesili, others ‘Grain from Ukraine’ envoys

January 27, 2023
Absence of sacrifice hurting our polity, elections – Enechionyia

Absence of sacrifice hurting our polity, elections – Enechionyia

January 26, 2023
Brands in Nigeria

Afrinvest, Interswitch, Obiano, UBA lead top 10 performing brands

January 25, 2023
Rhodes Scholarships

Scholarly opportunities in W’Africa and youth development

January 24, 2023
Christmas and New Year holidays

Frustration of bank customers during public holidays

January 17, 2023

OAA agency celebrates as founder joins tourism experts

January 14, 2023
Ehizua Hub

Ehizua Hub, Igbinedion launch IUO Okada Hub

January 14, 2023

TRENDING

  • Brands in Nigeria

    Afrinvest, Interswitch, Obiano, UBA lead top 10 performing brands

    0 shares
    Share 0 Tweet 0
  • Scholarly opportunities in W’Africa and youth development

    0 shares
    Share 0 Tweet 0
  • Ehizua Hub, Igbinedion launch IUO Okada Hub

    0 shares
    Share 0 Tweet 0
  • Oke Layipo: A wasting goldmine

    2 shares
    Share 0 Tweet 0
  • Absence of sacrifice hurting our polity, elections – Enechionyia

    0 shares
    Share 0 Tweet 0
Financial Street

© Financial Street 2021. All Rights Reserved.

More Links

  • Privacy Policy
  • Terms of Use
  • Contact Us

Follow Us

No Result
View All Result
  • HOME
  • CONSUMER PERSPECTIVE
  • PERSONAL FINANCE
  • MARKETS & COMPANIES
    • APPOINTMENTS
    • COMMODITIES
    • COMPANIES
  • BUSINESS & ECONOMY
    • AGRICULTURAL ECONOMY
    • AGRO-ECONOMY
    • AVIATION
    • BRANDS
    • CONSUMER GOODS
    • ECONOMY
    • ENERGY
    • ENVIRONMENT
    • FINANCIAL INCLUSION
    • INSURANCE & PENSIONS
    • INVESTMENT
    • MANUFACTURING
    • MARITIME
    • MONEY
    • MSMEs
    • PRODUCT REVIEW
    • STARTUPS
  • CULTURAL CURRENTS
  • EMPIRE
  • CORPORATE RENDEZVOUS