Step one of total economic collapse activated.

•Penalties stand at N41. 31bn

Nigeria has failed to service its debt to China which has accumulated to N110.31 billion in the last two years. According to report by the Debt Management Office (DMO), the China debt stock included the principal and repayment charges.

DMO said that from January 2021 to December 2022, the principal fee stood at N69, 009,417,500 ($153.85million), while the interest charges amounted to the sum of N41, 311,455,000 ($92.1million). The debts were incurred following the completion of the Nigeria Railway Modernisation Project (Idu-Kaduna Section), the Nigeria Railway Modernisation Project (Lagos-Ibadan Section) and the Nigeria Abuja Light Rail Project.

A breakdown of the data showed that in 2021, Idu-Kaduna Section’s principal fee was $ 38.46 million (N17.25bn) while interest earmarked is $ 9.5 million (N4.26bn). The Lagos-Ibadan section’s principal was not noted, although its interest stood at $ 24.07 million (N10.80bn).

During the period, the Abuja Light Rail Project had its principal amount at $38.46 million (N17.25bn), while the interest rate accumulated to $11.45 million (N5.14bn).

As at 2022, the principal on Idu-Kaduna Section was $38.46 million (N17.25bn), while the interest fee was $8.52 million (N3.82bn). The Lagos-Ibadan Section interest fee stood the highest at $ 28.06 million (N12.59bn) with the principal amount not indicated. The Abuja Light Rail Project principal was $38.46 million (N17.25bn), with accumulated interest charges of $10.48 million (N4.70bn).

The Nigeria Railway Corporation (NRC) has been able to generate the sum N11, 606,737,070 in two years despite not being able to service its N41.31bn debt. The National Bureau of Statistics (NBS) said the sector realised N5,570,998,908 as revenue which fell by N464,739,254 compared to the N6,035,738,162 generated in 2021. In 2021, railway services generated revenue of N5, 697,512,095 from passengers, with goods realizing the sum of N299, 805,884 and other income receipts earmarked N38,420,183. However, 2022 revenue indicated that N4,546,342,056 came from passengers, N416,856,190 was realised from goods and N607,800,662 was generated from other income. This indicated that while revenue generated from passengers fell in 2022, the goods and other income increased in productivity. The NRC had earlier disclosed that Insecurity is impeding the growth of rail services in Nigeria.

Source: https://sunnewsonline.com/nigeria-defaults-in-debt-repayment-to-china/

tinubu will pay any debt incurred by buhari no matter the amount

The country is sinking deeper and deeper into the mess caused by buhari and co .

Ghen ghen
With so much loans being taken on a monthly basis this was bound to happen. I hope they don't start taking over our key national assets

Redoil:
tinubu will pay any debt incurred by buhari no matter the amount

You can't give what you don't have, he should start with Lagos, Nigeria need a prudent manager now, we are facing existential threat, when it start everybody go face it even those pro or against, when economy turmoil start it doesn't discriminate, I pray not to be in this country then.

Redoil:
tinubu will pay any debt incurred by buhari no matter the amount

Has Sanwo-Olu finished paying off the debt Tinubu incurred for Lagos State? Lagos State is by far the richest state in Nigeria and still the most indebted.

Nobody asks why they keep taking lots of loans and credit facility since the state generates in one month what many states generates in years.

Waiting for that skit maker to pay off Buhari's debts is like building castle in the air. Thank God I have a passport. Before the Chinese finally take over the country, I will probably be somewhere in London.

una go hear m from China, thank God that all the projects they financed with the loan are all in the west and north