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    Ghana Life Insurance Ltd accused of employing delay tactics in payment of claims

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    Ghana Life Insurance Ltd accused of employing delay tactics in payment of claims

    BoG urged African DFIs to enhance credit rating positions to boost investment

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Value of MoMo transactions decrease by 3% between March and April 2022

    Inflation rate likely to drop to single digits in 2023 – Dr. Ernest Addison

    Monetary Policy Rate increased again by 200 basis points; now at 19%

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    Ghana Life Insurance Ltd accused of employing delay tactics in payment of claims

    BoG urged African DFIs to enhance credit rating positions to boost investment

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Old Mutual celebrates 177th anniversary globally, 10 years in Ghana

    Gov’t expenditure needs to be checked to help deal with inflation – ICAG

    Take control of financing on the continent – Ofori-Atta to AfDB

    We’ll avert any looming food crisis with effective planning – AfDB Boss

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    Ghana Life Insurance Ltd accused of employing delay tactics in payment of claims

    BoG urged African DFIs to enhance credit rating positions to boost investment

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Value of MoMo transactions decrease by 3% between March and April 2022

    Inflation rate likely to drop to single digits in 2023 – Dr. Ernest Addison

    Monetary Policy Rate increased again by 200 basis points; now at 19%

    Government partners private companies to mine abandoned iron ore in Oti Region

    Manufacture of petroleum products push PPI to 31.2% in April

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    Government to invest heavily in internet safety – Ursula pledges

    Ho Node Hub rebrands as Node Eight

    Elon Musk strikes deal to buy Twitter for $44bn

    Block chain’s success will depend on supportive policy environment – Prof. Quaynor

    1.5% E-Levy rate will negatively impact GH¢6.9 billion target – Prof. Quartey

    Transactions to be affected by E-levy

    Bethniel Finance emerges winner in Innovation Challenge Program

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    We’ll avert any looming food crisis with effective planning – AfDB Boss

    Standard of cars assembled in Ghana will not be compromised – GSA assures

    GUTA urges gov’t to get other countries to open their borders to facilitate trade

    Kyle Kelhofer appointed as IFC Senior Country Manager for Benin, Ghana, Liberia, Sierra Leone, and Togo

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Nigeria: Debt Servicing Gulped N1.02 Trillion in 2015 – DMO

bycitibusinessnews
July 21, 2016
in Africa, Top Stories, West Africa
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The federal government last year spent N1.018 trillion to service its local debts, an amount that is N152.32 billion or 17.6 per cent higher than the N865.81 billion it spent on servicing local debts in 2014.

This amount, according to data made available in the recently released 2015 Annual Report of the Debt Management Office (DMO), comprised principal repayment of N25 billion and interest payment of N993.13 billion.

The report indicated that this year alone, even in the face of cash crunch when the Federal Ministry of Finance is yet to make any quarterly release in implementing the 2016 budget, N446 billion had already been paid out to creditors in debt servicing.

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FGN bonds debt servicing accounted for 62.41 per cent of the total debt service payment, while payments in respect of the Nigerian Treasury Bills (NTBs) and Treasury Bonds were 31.83 and 5.76 per cent respectively.

Trend analysis shows a continued rise in federal government’s domestic debt service payments from 2011 to 2015, which was attributed to the increase in domestic debt stock, as well as the higher interest rates, leading to the rise in the cost of borrowing in the domestic debt market.

Over the past five years, Nigeria has paid $25.22 billion (an estimated N5 trillion based on the old fixed exchange rate of N197/$) in repayment of loans and service charges from 2011 to 2015.

A breakdown of debt servicing in the last five years indicated that the sum of $3.781 billion was used to service debts in 2011, $4.918 billion in 2012 and $5.520 billion in 2013. For 2014 and last year, the sum of $5.500 billion and $5.499 billion respectively were paid out.

Nigeria’s current public debt, according to the report, stands at N8.837 trillion for the domestic component and $10.718 billion for the foreign stock.

Meanwhile, dealers expect the Nigeria Interbank Offered Rate (NIBOR) to be moderate as inflows – via maturing treasury bills – and expected FAAC disbursements exceed the outflows.

The Central Bank of Nigeria will auction treasury bills worth N127.96 billion today (July 20), comprising 91-day bills worth N36.78 billion, 182-day bills worth 39.17 billion and 364-day bills worth N52 billion.

Also, treasury bills worth N259.47 billion will mature tomorrow (July 21), comprising 91-day bills worth N36.78 billion, 182-day bills worth N39.17 billion, 364-day bills worth N52 billion and 174-day bills worth N131.52 billion.

–

Credit: All Africa

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