Nigerian Telcos Owe Banks Record N1.69trillion Amid Tariff Hike Calls
Telecommunications and ICT firms owe Nigerian banks approximately $5 billion, with outstanding debts totaling N1.69 trillion as of September 2024.
Nigeria's information, communication, and technology (ICT) firms, including telecommunications companies, owe Deposit Money Banks a total of N1.69 trillion as of September 2024. This significant debt figure has been revealed amid recent calls by telcos for a hike in their tariff rates to help cover these outstanding obligations. The substantial amount owed highlights the financial strain faced by Nigeria's ICT sector, which is crucial for the country's economic growth and development. The debt figure is expected to be a key focus area as the government considers the telcos' demands for tariff rate adjustments.
