Zambia has withdrawn request for a one-year extension of its Extended Credit Facility (ECF) with the International Monetary Fund (IMF), the Fund confirmed on Wednesday with no reason provided for the reversal. The ECF, agreed in 2022, aimed to help Zambia stabilize its finances after defaulting on international debt in 2023. A one-year extension would …
The Federal Inland Revenue Service (FIRS) has defended the federal government’s borrowing framework, describing debt as a legitimate component of every national budget. FIRS Chairman Zacch Adedeji stated this on Tuesday while addressing journalists during the Meet-the-Press series organised by the Presidential Communications Team at the Presidential Villa, Abuja. He explained that federal revenue collection …
The Labour Party (LP) has urged the leadership of the National Assembly to block President Bola Tinubu’s fresh borrowing request, warning that Nigeria’s debt profile has reached a dangerous level. The party’s Interim National Publicity Secretary, Tony Akeni, made the appeal in a statement issued in Abuja on Tuesday. Akeni cautioned Senate President Godswill Akpabio …
