• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Tuesday, August 5, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

Reps To Probe Nigeria’s 25-yr Cummulative N121.67trn Loans

by James Kwen
9 months ago
in News
leadership
Share on WhatsAppShare on FacebookShare on XTelegram

The House of Representatives has mandated its Committee on Aids, Loans, and Debt Management to carry out a comprehensive audit and oversight of all loans obtained by the federal and state governments since 1999 which amounted to over N121.67 trillion.

Advertisement

The resolution followed the adoption of a motion moved by the member representing Surulere II federal constituency of Lagos State, Hon. Lanre Okunola, at plenary on Thursday.

Moving the motion, Okunola said the data released by the Debt Management Office (DMO) as of March 31, 2024, showed that Nigeria’s public debt profile stood at N121.67 trillion ($91.46 billion).

He also noted that the country’s debt rose by N24.33 trillion in three months from N97.34 trillion ($108.23 billion) in December 2023 to N121.67 trillion ($91.46 billion), according to the same report.

The lawmaker further noted that although borrowing is a vital means for financing development, he, however, noted that unchecked debt accumulation posed serious risks to Nigeria’s fiscal stability and future economic growth.

RELATED

Katsina Govt Empowers 455 Girls With Skills, Start-Up Kits

Gov Radda Disburses ₦3.6bn To 361 Wards For Community Projects

1 minute ago
Akpabio Neither Slumped Nor Rushed To National Hospital — Spokesman 

Akpabio Wins International Peace Award

3 minutes ago

He admitted the growing concerns over the lack of proper oversight and transparency in the management and utilisation of borrowed funds by both the Federal and State Governments.

Okunola expressed worry that, “many loans from state governments are drawn from commercial banks and certified by
the Federal Ministry of Finance are contracted without full compliance with constitutional requirements for National Assembly approval.

“There are instances where borrowed funds are not effectively utilised for their intended purposes, undermining the benefits of such loans to the citizens.

“Contrary to the illusory image of an oil rich country, Nigeria is a heavily indebted country with a huge debt portfolio,” hence “the need for a strong financial oversight to ensure effective use of sourced loans and an effective delivery of public services through thorough and transparent utilisation of funds.”


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel




Tags: House of Representatives
SendShareTweetShare
Previous Post

Disquiet Over Ekiti Lawmakers’ Planned Retreat In Canada

Next Post

HDAN Calls For Alternative To Property Demolitions In Abuja

James Kwen

James Kwen

You May Like

Katsina Govt Empowers 455 Girls With Skills, Start-Up Kits
News

Gov Radda Disburses ₦3.6bn To 361 Wards For Community Projects

2025/08/05
Akpabio Neither Slumped Nor Rushed To National Hospital — Spokesman 
News

Akpabio Wins International Peace Award

2025/08/05
tinubu
News

Tinubu Reiterates Commitment To Infrastructural Devt

2025/08/05
News

Workshop Engages Abuja Creatives In Archiving Personal, National Histories

2025/08/05
Wike: Changing The Face Of Infrastructure In Abuja
News

No Government Can Solve All Problems, Even In 20 Years – Wike

2025/08/05
‘We Can’t Force Anyone To Identify As Nigerian’, Dabiri-Erewa Speaks On UK’s Badenoch
News

PeacePro Petitions UK Parliament Over Kemi Badenoch’s Remarks On Nigeria

2025/08/05
Leadership Conference advertisement

LATEST

Gov Radda Disburses ₦3.6bn To 361 Wards For Community Projects

Akpabio Wins International Peace Award

Tinubu Reiterates Commitment To Infrastructural Devt

Workshop Engages Abuja Creatives In Archiving Personal, National Histories

No Government Can Solve All Problems, Even In 20 Years – Wike

PeacePro Petitions UK Parliament Over Kemi Badenoch’s Remarks On Nigeria

That Call By The Turkish Government

BBNaija10: All Housemates Up For Eviction Except Victory, Kayikunmi

Lagos Gov’t Seals Club For Violating Traffic Regulations

Mentally-challenged Woman Delivered Of Baby Girl In Kwara

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.