There is no iota of truth in a report that Nigeria was defaulting in the repayment of the loans it took from China, the Debt Management Office (DMO) said yesterday.
Reacting to the story captioned “DMO report: Nigeria defaulting in Chinese loan repayment”, the office said Nigeria has not breached the it agreement its signed with any creditor.

”Nigeria is fully committed to honouring its debt obligations and has not defaulted on any of its debt service obligations,” the DMO said in a short rebuttal.

The report being rebutted said that Nigeria had incurred a penalty of N41.31 billion for defaulting on Chinese loan used ostensibly to reactivate some of the country’s rail lines. This too was denied by the DMO.

The basis for the alleged default is linked to the spate of attacks on rail tracks and the kidnap of train passengers all of which resulted in the stoppage of train services on some routes for a while.

The loss of revenue from the stoppage of train services which is supposed to feed purse from which repayments are to be made informed the report on the alleged default.

The DMO, was however, silent on the current status of the Chinese loans to Nigeria.

The Chinese loans were used for the completion of the Idu-Kaduna section of the Nigeria Railway Modernisation Project; the Lagos-Ibadan section of the Nigeria Railway Modernisation Project and the Abuja Light Rail Project.

As at December 31, last year, Nigeria was owing China $4.293 billion according to the DMO.



https://thenationonlineng.net/nigeria-not-defaulting-in-china-debt-repayments-says-dmo/

China

I smell LIES EVERYWHERE.

On a more serious note, how can Nigeria pay back her loan when it borrows to fund her annual budget and pay salaries.

To make things worse, we have BAT as president elect. There will be no iota of hope after he finishes his 2 terms as president of the Federal Republic of Nigeria. Our debt profile would leave TRILLION to ZILLION.

I know many countries are in debt. I know one thing for sure, our debt can not be repaid in full. We will beg for debt forgiveness like always.

Borrowed money dey sweet to share and chop. This is why Nigeria too like debt. Nigeria and debt be like 5 and 6.

I thought I had recently that they have paid the previous debt and borrowed another one... as far as I am concerned, a country that always borrows can not move forward economically

As at December 31, last year, Nigeria was owing China $4.293 billion according to the DMO.


Dangote, Elumelu and Otedola should just pool their resources together and pay the money. After all, they are the biggest beneficiaries of one Nigeria.

Tinubu and APC will blame Jonathan for buhari's failure
Just watch out