AFRICA NEWS

Nigerian debt office expects approval of 1.649 trillion naira in borrowing

Nigeria’s debt office said on Thursday it expects the government to approve total borrowing of 1.649 trillion naira ($5.39 billion) in 2019.

Half the debt, 824 billion naira, will be foreign borrowing, Patience Oniha, the director general of Nigeria’s Debt Management Office, told reporters in the capital Abuja.

Nigeria, Africa’s largest economy, has been racking up debt in an effort to boost economic growth, which has been sluggish since exiting recession in 2017.

The aim of the borrowing is to create jobs and build infrastructure, according to a debt office presentation on Thursday.

Domestic debt will be made up of federal government, sukuk, green and savings bonds, the debt office said.

Nigeria’s parliament must approve the borrowing plan before it can go ahead.

 

Source: af.reuters.com

Ogyem Solomon

Solomon Ogyem – Media Entrepreneur | Journalist | Brand Ambassador Solomon Ogyem is a dynamic Ghanaian journalist and media entrepreneur currently based in South Africa. With a solid foundation in journalism, Solomon is a graduate of the OTEC School of Journalism and Communication Studies in Ghana and Oxbridge Academy in South Africa. He began his career as a reporter at OTEC 102.9 MHz in Kumasi, where he honed his skills in news reporting, community storytelling, and radio broadcasting. His passion for storytelling and dedication to the media industry led him to establish Press MltiMedia Company in South Africa—a growing platform committed to authentic African narratives and multimedia journalism. Solomon is the founder and owner of Thepressradio.com, a news portal focused on delivering credible, timely, and engaging stories across Ghana and Africa. He also owns Press Global Tickets, a service-driven venture in the travel and logistics space, providing reliable ticketing services. In addition to his media ventures, Solomon serves as a Brand Ambassador for Alabuga, a prominent Russian industrial company, representing their interests and expansion across Africa. He previously owned two notable websites—Ghanaweb.mobi and ShowbizAfrica.net—both of which contributed to entertainment and socio-political discussions within Ghana’s digital space. With a diverse background in media, digital journalism, and business, Solomon Ogyem is dedicated to telling impactful African stories, empowering youth through media, and building cross-continental media partnerships.

Related Articles

Back to top button