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Nigeria’s Foreign Debt Servicing Costs Jump 39.7% to $3.57 Billion in 2024

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In the first nine months of 2024, Nigeria spent $3.57 billion on foreign debt servicing—a 39.7% increase from the $2.56 billion spent during the same period in 2023, according to a Central Bank of Nigeria (CBN) report.

The highest monthly payment in 2024 was recorded in May, at $854.36 million, surpassing 2023’s peak of $641.69 million in July.

January saw a 389% increase compared to the previous year, while May’s payments rose by 286.52%. Although slight decreases occurred in June and July, September’s servicing costs were 17.49% higher than in 2023.

Amid rising debt payments, Nigeria’s total public debt reached N134 trillion in Q2 2024, up 10% from Q1.


 

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FAAN Breaks Silence on Claims Over Uber’s Departure From Nigeria

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Since Uber exited Nigeria, rumours have been circulating over why the company left the country. One of the claims suggested that FAAN was part of the reason for the exit.

The Federal Airports Authority of Nigeria (FAAN) has now addressed the rumours and claims of its involvement in Uber’s decision to leave Nigeria.

FAAN said it could not speak for Uber’s decision, noting that the company likely had its own economic and regulatory considerations for leaving Nigeria.

FAAN’s Managing Director, Olubunmi Kuku, said “I can’t speak to Uber’s exit from Nigeria. I am sure they have their own economic and regulatory decisions as to why they chose to exit.”


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Governor Umo Eno Reveals He Made ₦10m Monthly Selling Akara And Bread

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Governor of Akwa Ibom, Pastor Umo Eno, reflected on a career choice he made when he had no choice back then.

The governor recalled how he made not less than ₦10 million in a month from selling bread and akara.

He stated “I started selling Akara and bread. Back then, I was doing Akara Burger — we opened the bread and put Akara inside for you. I made not less than ₦10 million in a month.”

Many Nigerians reacted and wondered if his reflection was in response to what the First Lady advised Nigerians earlier about selling corn.


 

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Uber Announces Exit From Nigeria After 12 Years

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Uber makes headlines in Nigeria as it announces that it is leaving the country. The transportation and logistics business has been in operation in Nigeria since 2014 and suddenly announced its exit on September 2, 2026.

This started with users receiving a message from the team stating that the company would be leaving Nigeria, and the announcement quickly began trending as many Nigerians started talking about Uber’s exit.

Uber shared “We are writing to share some difficult news. After a thorough review of our business, we have made the tough decision to wind down our operations in Nigeria, effective 2 September 2026.

“This wasn’t a decision we made lightly, because it will have a real impact on our teammates and friends who have worked hard for Uber. It’s important to say that these changes are about how we’re organised and what we’re prioritising, not about anyone’s contributions to Uber, which we will always value,” Khosrowshahi said.


 

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