Nigeria Defaults on Loan Repayment to China? FG States True Facts, Figures
- The Nigerian government has debunked reports that it had failed to repay Chinese loans
- The Debt Management Office, in a statement, said the report is untrue and should be discarded by Nigerians
- China is one of Nigeria’s top lenders, with the West African country borrowing over $4 billion from the Asian country
According to the Debt Management Office (DMO), Nigeria has yet to default on loan repayment to China.
A recent statement by DMO said that media reports about Nigeria’s alleged failure to repay accumulated N110.3 billion debt to China are false.
Source: UGC
Report claims Nigeria has accumulated debt of N11 billion
The report alleged the debt accumulated in the last two years, and Nigeria stands to pay a penalty of N41.31 billion for the default.
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TheCable reports that the DMO said the assertions were untrue and unfounded, describing them as false and asking Nigerians to ignore the report.
DMO said:
“The attention of the Debt Management Office (DMO) has been drawn to a publication by some media houses claiming that Nigeria has defaulted in debt repayment to China for which it claimed “penalties stand at N41.31 billion,” the statement reads.
“The public is advised to ignore the publication as it is false.
“A closer look at the media publication shows that the body of the publication is entirely detached from the headline.
“It gives the impression that the report's publishers may have set out to mislead the public.
“The public is assured that Nigeria is fully committed to honouring its debt obligations and has not defaulted on any debt service obligations.”
China is one of Nigeria’s biggest creditors as a bilateral lender.
Under Buhari, Nigeria's indebtedness to China and World Bank has surged to $17.64 billion
Legit.ng had earlier reported that Nigeria's indebtedness to China has grown by 209% in the last eight years since President Muhammadu Buhari was Nigeria's leader.
During this period, Nigeria was named the world's poverty capital, with 133 million people living in abject poverty, overtaking India despite massive borrowings.
The country's statistics body, the National Bureau of Statistics, has said Nigeria suffers from multidimensional poverty.
Source: Legit.ng
