Business
Nigeria’s Owes N87.37trn As at Q3 2023, DMO Confirms
- /home/rhoncare/pointblank.ng/wp-content/plugins/mvp-social-buttons/mvp-social-buttons.php on line 27
https://pointblank.ng/wp-content/uploads/2023/12/patience-oniha.jpg&description=Nigeria’s Owes N87.37trn As at Q3 2023, DMO Confirms', 'pinterestShare', 'width=750,height=350'); return false;" title="Pin This Post">
- Share
- Tweet /home/rhoncare/pointblank.ng/wp-content/plugins/mvp-social-buttons/mvp-social-buttons.php on line 69
https://pointblank.ng/wp-content/uploads/2023/12/patience-oniha.jpg&description=Nigeria’s Owes N87.37trn As at Q3 2023, DMO Confirms', 'pinterestShare', 'width=750,height=350'); return false;" title="Pin This Post">
The Director General of Debt Management Office (DMO), Ms. Patience Oniha, has confirmed Nigeria’s debt stock stands at N87.37 trillion as at September 30, 2023.
Oniha, who disclosed this during the interactive session held at the instance of House Committee on Appropriations chaired by Hon. Abubakar Bichi, however, noted that while justifying the rationale behind the borrowing spree, she informed the Parliament that projects implemented by Federal government during the three previous recessions were funded through borrowing.
She said: “Let me speak a bit about public debt as you requested in the letter inviting us.
“The first point is that we have run budget deficit for many years for which the DMO has been raising funds locally and internationally to support the budget.
“The point I would like to make is that as the level of borrowings increases you have to service them so debt services increase also.
“Again, we run budget deficits because we have projects and programmes in the budget that the government wants to run. If we go back from 2015 and 2016, we know we have been through about two or three recessions. So, a lot of that bringing the economy out of recession was funded from borrowing.
“The first one was through the Economic Recovery and Growth Plan and the last one was during COVID. So, debt has increased and so has debt service increased.
“We usually publish the debt data every quarter. So, the most recent data we have in terms of debt stock is as at June 30th of 2023. The figure for public debt is N87.37 trillion. That is made of of external and domestic debt and it is for the Federal Government and the 36 States and FCT.
“Let me quickly add that out of the 87 trillion, about 90 percent belongs to the Federal Government. I believe because of the role the Federal Government plays, we account for the largest share.
“But we report everything because that is best practice. If you compare that figure to last year’s December, it was N46 trillion.
“So, it has grown sharply because we have borrowed…you can say in six months but also because we added the Ways and Means advances to that number. It is public. It was approved.
“The DMO’s role is to manage that debt and make sure it is sustainable and that there is no default because borrowing is not a bad thing but when you borrow you use it well.
“Debt has been growing largely from new borrowings. You see the MTEF for instance that you have approved, it has borrowings in each of the years of N8.7, N10.2 and N11.58 trillion just to buttress the point that as you increase the funds the debt stock grows.
“So, it also also growing because we have issued Promissory Notes and again like I said, Ways and Means advances. We usually like to say that debt stock relative to our GDP is not the issue.
“That has grown from 23 percent in March to about 40 percent in June. The same way the debt stock grew.
“But we need to do, to focus on debt service revenue which is very high. That is why I said the discussions about revenue, we cannot stop talking about them enough.
“So, apart from trying to generate as much revenue as we should, what else should we be doing? We are advocates for a number of initiatives being taken. Should be privatized if those projects can be better managed. You can attract capital. Do the private-public partnership so not everything is on the budget. Because when you put everything on the budget, you cannot get a deficit for which you need to borrow.
“We should strongly support the Fiscal Reform and Tax Policy Committee, we really need to get that working to change the story of us.
“For this year 2023 the DMO was to provide about N8.8 trillion, N7 trillion of that is domestic; meaning we borrow it here on naira. And then there is N1.7 trillion that ordinarily in normal times, we would have issued Euro bonds or from other sources.
“So, out of the domestic of N7 trillion as we speak, we have raised the full amount. So, you can say we have raised a significant amount to fund this budget.
“If the international markets had been covered and we were investing in counties with similar ratings like Nigeria by now we would also have issued a Euro bond.
“We have been extremely supportive of funding the budget and the operations of government,” Ms. Oniha noted.
While speaking on funding of some of the proposed infrastructural projects, she disclosed that the present administration is to ensure direct support with the SUKUK.
According to her, “This year some of that 7 trillion we issued it by way of SUKUK and you will soon begin to see the roads across the FCT.
“Having spoken to what is in the 2023 of which we have raised 7 trillion out of the 8.8 trillion. So we know that in 2024, from the MTEF there is N8.749 trillion.
“So, the levels of borrowing are still high but I think as the MTEF is a rolling document, as the picture looks better on revenues maybe the numbers would be lower.”
Speaking earlier, Chairman, House Committee on Appropriations, Hon. Abubakar Bichi explained that the interactive session with heads of MDAs was aimed at addressing strategies for the rising inflation, reducing the burden of Nigeria’s debt profile, sectoral budgetary allocations, and the dynamics of budget releases.
“Others are economic diversification strategies, revenue generation forecasts, and any useful information that will facilitate the enactment of the bill and effective implementation of the Appropriations Act, 2024.
“Amidst concerns to address the infrastructural gap in the country, eliminate poverty, and generally achieve the 8-Point Renewed Hope Agenda, there is a need to ensure that all loose ends to revenue are tied, as this can have a gross impact on the government’s ability to implement the 2024 Appropriation Bill when passed.
“While the revised MTEF and FSP showed that revenue-generating efforts by the present administration are already yielding fruit, more needs to be done to ensure that government-owned enterprises optimize their revenue-generating potential.
“In light of the above, this interaction is designed to engage relevant stakeholders to provide insight on the perspective of the budget and enable the Committee to play its coordinating role in ensuing allocative efficiency in the 2024 appropriation process,” Hon. Bichi noted.
Business
₦20m Prize Pool: Ecobank’s Top 20 InnovateX Finalists Emerge
Ecobank Nigeria has announced the Top 20 finalists for InnovateX 2026, its flagship youth innovation challenge powered by Blaze by Ecobank in partnership with Verve. The finalists emerged from a competitive selection process involving 168 teams, comprising 672 undergraduate students from 90 universities across Nigeria.
The grand finale, scheduled for October 30, 2026, at the Ecobank Pan African Centre (EPAC), Lagos, will see the finalists compete for top honours and a share of the ₦20 million prize pool. Five teams will emerge as winners, while the remaining 15 teams will receive consolation prizes and further exposure within Nigeria’s innovation ecosystem.
InnovateX is a youth innovation and entrepreneurship challenge designed to empower young Nigerians to develop and pitch innovative solutions to real-world challenges across banking, technology, business and society. The initiative provides a platform for young innovators to showcase their ideas, compete for financial support and access opportunities for mentorship, skills development and career advancement.
The Top 20 finalists represent diverse sectors, including financial technology, artificial intelligence, sustainability, digital services, education, and enterprise solutions. Among the selected teams are IncluFi, Aselabs, Team Vhorde, Jolt, Kredo, Levromat, Konvoy, Impact, Barrow and Leopard Skin.
Designed for young people aged 16 to 25, InnovateX 2026 attracted aspiring entrepreneurs and innovators seeking to develop practical solutions to real-world challenges. Beyond financial support, participants stand to benefit from mentorship, skills development, industry exposure, networking opportunities and national recognition.
The selection process culminated in regional hackathons held in Lagos, Port Harcourt and Abuja, where participating teams pitched their ideas before panels of industry experts, technology leaders and innovation mentors.
InnovateX provides a platform for engaging emerging talent and encouraging entrepreneurship, connecting Ecobank with promising young Nigerians while reinforcing the Bank’s commitment to digital transformation, innovation and youth empowerment.
Speaking on the initiative, Victor Yalokwu, Head, Products & Analytics, Ecobank Nigeria, said: “InnovateX reflects our commitment to nurturing the next generation of innovators by providing access to the resources, networks, and opportunities they need to transform bold ideas into scalable and impactful ventures.”
Through initiatives such as InnovateX and Blaze by Ecobank, the Bank continues to create opportunities for young people to develop entrepreneurial skills, advance innovative ideas and contribute to economic growth across Nigeria and Africa.
Business
Green Finance and Sustainability: UBA Launches Group-Wide Climate Action Week
Africa’s Global Bank, United Bank for Africa (UBA) Plc, has launched a Group-wide Climate Action Week to deepen climate awareness, promote responsible environmental practices and advance sustainable finance across its African and international operations.
The five-day campaign, running from October 26 to 30, 2026, is themed “Banking on Africa’s Climate Future” and reflects the Bank’s commitment to integrating environmental responsibility into its operations, customer engagement and financing solutions.
The initiative commenced with the deployment of waste segregation bins across UBA offices and measures to reduce the use of single-use plastics at the Bank’s head offices. These activities underscore UBA’s commitment to translating sustainability principles into practical actions within its workplace and across its wider ecosystem.
Throughout the week, UBA will disseminate educational content across its media and digital platforms to highlight the causes and consequences of climate change, including its impact on food prices, energy consumption and urban flooding. The campaign will also promote responsible plastic disposal, recycling and the critical role of financial institutions in financing clean energy, sustainable agriculture and other environmentally responsible businesses.
As part of the campaign’s community engagement component, UBA staff volunteers will participate in a Group-wide clean-up exercise on Saturday, November 7, in major cities across its markets. In Nigeria, the exercise will take place in Lagos, Kano and Port Harcourt, mobilising employees to contribute directly to cleaner and healthier communities.
UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, emphasised the importance of collective responsibility in addressing the growing impact of climate change.
“Climate change is no longer a distant environmental concern; it is increasingly shaping everyday life across Africa. We see its effects in rising food costs, increased energy demand and flooding that disrupts homes, businesses and livelihoods.
“At UBA, we believe that building a sustainable future requires collective action, beginning with the choices we make at work, at home and in our communities. Through this Climate Action Week, we are encouraging every member of the UBA Tribe, alongside our customers and other stakeholders, to embrace practical, sustainable habits and inspire others to do the same,” Alawuba said.
As part of its stakeholder engagement activities, UBA will sponsor Climate Convergence Week in Lagos on Friday, October 30, where the Bank will deliver a speaking session and participate in a panel discussion. The engagement will provide an opportunity to showcase UBA Green Finance, highlight the Bank’s sustainability initiatives and explore how financial institutions can support Africa’s transition to a more sustainable and climate-resilient economy.
Alawuba, noted that climate considerations were increasingly important to business resilience, risk management and long-term economic growth.
“Climate change presents significant risks to businesses, communities and economies. These risks can affect business continuity, operating costs and financial performance, making sustainability an increasingly important consideration for both businesses and the financial institutions that support them.
“Through UBA Green Finance, we seek to support eligible businesses investing in cleaner technologies and more sustainable operations. By helping customers explore financing solutions aligned with their needs, we can contribute to a more resilient private sector while unlocking opportunities for sustainable economic growth across Africa,” Alawuba further said.
In a further step towards strengthening its sustainability capabilities, UBA is set to join the Sustainability Professionals Institute of Nigeria (SPIN). The move is expected to deepen the Bank’s environmental, social and governance (ESG) expertise and support the continued professional development of its employees in sustainability-related disciplines.
The Climate Action Week forms part of UBA’s broader sustainability strategy, which integrates environmental responsibility into its Customer First philosophy through responsible business practices, employee engagement, community initiatives and green finance. By combining awareness, practical action and financing solutions, the Bank aims to encourage more sustainable choices while supporting businesses and communities in navigating the challenges and opportunities of climate change.
United Bank for Africa is one of Africa’s leading financial institutions and one of the largest employers in the continent’s financial sector, with approximately 25,000 employees and over 45 million customers globally. Operating in 20 African countries, as well as the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, advancing financial inclusion and leveraging technology to deliver innovative financial solutions.
Business
UBA Secures Court Order Against Vitol, Four Others in $242m Petroleum Products Diversion Claim
A Lagos State High Court, last Thursday, granted interim preservative orders of Mareva Injunction against Vitol SA – a Switzerland based Energy Trading company, and four other shipping companies in favour of United Bank for Africa Plc.
The bank alleged Vitol of wrongful release of cargoes of petroleum products which were consigned to the order of United Bank for Africa Plc in the Bills of Lading.
Addressing the Court, Bode Olanipekun, SAN, lead counsel for United Bank for Africa, urged the Court to grant the interim preservative orders against Vitol and the other shippers.
In a ruling on the application, the presiding judge, Honourable Justice K. A. Jose (Mrs.) granted three prayers in UBA’s application, including requests to restrain the dissipation of assets and dealings with funds up to the disputed amount by Vitol S.A.
“Prayers 1–3 are granted as prayed against the 2nd Respondent only,” the judge ruled.
The application was brought pursuant to Order 43 Rule 1 of the High Court of Lagos State (Civil Procedure) Rules 2019 and the Lagos State High Court Practice Direction No. 2 of 2019.
UBA is seeking to contend in the substantive proceedings that Vitol SA and the owners of the vessels, are liable for alleged conversion, misrepresentation and negligence arising from the non-delivery of the petroleum products.
UBA also cited 34 financial institutions and public agencies, including commercial banks, merchant banks, microfinance banks, the Nigerian Ports Authority and the Nigeria Customs Service, in connection with the application.
In an affidavit supporting the application, UBA’s Group Head of Recoveries and Remedial Management, Anthony Chilaka, stated that the bank issued a letter of credit for the benefit of Vitol SA to facilitate a petroleum products transactions.
UBA alleged that the cargo was transported to Nigeria and that the vessels’ masters issued several bills of lading.
The bank further alleged that Vitol subsequently endorsed the bills of lading “to the order of” UBA and handed over the original copies to it.
UBA maintained that the endorsement entitled it to take possession of the cargo upon completion of the voyage.
However, Chilaka stated that the bank had not received the gasoil despite the completion of the voyage.
“The applicant has not been given possession of the gasoil despite completion of the voyage,” the affidavit stated.
UBA alleged that the cargo was instead, applied to the use of another party, contending that the respondents’ failure to deliver it amounted to conversion and negligence.
The bank argued that the respondents had obligations arising from the transaction and the endorsement of the shipping documents, which it claimed were not fulfilled.
The bank alleged that the cargoes associated with those transactions were also diverted to the use of other parties after their voyages, rather than delivered to UBA.






