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The current government has started repaying debts left by the previous administration, which allegedly funneled much of the borrowed money out of the country. A report from the central bank revealed that from August to December of the current fiscal year, the government repaid approximately $5.87 billion in loans from the central bank. Additionally, to rescue liquidity-strapped banks affected by financial mismanagement, the government injected an additional $2.25 billion through printed money. As of December, the government’s total debt to banks and non-banking financial institutions stood at $41.5 billion.
The ‘1 Nojor’ media platform is now live in beta, inviting users to explore and provide feedback as we continue to refine the experience.