Documents seen by TheCable have shown that Nigeria is indebted to China to the tune of $3.121 billion dollars as of March 31, 2020. According to the Debt Management Office (DMO), this represents 3.94% of Nigeria’s total public debt, which stood at $79.303 billion as of March 31 (N28.6 trillion). Nigeria’s total debt to China also accounts for 11.28% of the total external debt stock of $27.67 billion.

“The total borrowing from China of $3.121 billion as at March 31, 2020, are concessional loans with interest rates of 2.50% per annum, tenor of 20 years and moratorium of 7 years,” the debt office said. According to the debt office, the low-interest rate reduces cost of borrowing for the government, and the long repayment period means the principal sum can be repaid over many years.

“These two benefits, make the provisions for debt service in the annual budget lower than they would otherwise have been if the loans were on commercial terms,” it said.

In response to whether China can take possession of the projects if there is a loan servicing default, the DMO said: “Nigeria explicitly provides for debt service on its external and domestic debt in its annual budgets. In effect, this means debt service is recognised and payment is planned for. In addition, a number of the projects being (and to be) financed by the loans are either revenue generating or have the potential to generate revenue”.

Attached below are details of all the projects, the loan amounts (in million USD), level of disbursement, and repayment due dates.

SOURCE: https://www.thecable.ng/in-detail-the-11-projects-funded-by-chinas-3-1bn-loan-to-nigeria

[s][/s][b][/b]Bubu is trying his best says a fool
Turning Nigeria to a debt infested country

that is so funny.

when it comes to serious stuff, nobody gives a shiet. no one even views this thread.

so, dont complain about chinese slave masters , debt death belt, or any blab blab blab.....

igbesachick:
that is so funny.

when it comes to serious stuff, nobody gives a shiet. no one even views this thread.

so, dont complain about chinese slave masters , debt death belt, or any blab blab blab.....

no one views it or quotes it because the list is biased ND marginalized, one sided project

Ernerstdavid55:
no one views it or quotes it because the list is biased ND marginalized, one sided project

well, what is supposed to be unbiased ?

igbesachick:


well, what is supposed to be unbiased ?

read again

Ernerstdavid55:
read again

the op is telling us how the chinese loan their money to nigeria with the rundown.

it is you who say it is biased.

of course you owe me an explanation, for i can see nothing biased

Ernerstdavid55:
read again

i dont even know what you mean by "biased".

of course the chinese can not invest in ALL projects. they choose what they think profitable

igbesachick:


i dont even know what you mean by "biased".

of course the chinese can not invest in ALL projects. they choose what they think profitable

so other region is not profitable to invest in

igbesachick:


the op is telling us how the chinese loan their money to nigeria with the rundown.

it is you who say it is biased.

of course you owe me an explanation, for i can see nothing biased

how many progects does the sE got how man Niger delta got how man benue state go or is BENUE state not part of Nigeria?

Ernerstdavid55:
so other region is not profitable to invest in

what ?

i dont understand your logic.

just tell me why you think this thread biased..

Ernerstdavid55:
so other region is not profitable to invest in

you mean the chinese should invest in all these projects? i thought you dont want chinese money.

then dont complain the chinese management ppl that come with the investment. and dont blame china for exploiting you by debt .

igbesachick:


what ?

i dont understand your logic.

just tell me why you think this thread biased..

u got the wrong idea, not the thread, the project is the point who care wat u wrote or not

igbesachick:


you mean the chinese should invest in all these projects? i thought you dont want chinese money.

so is who want or don't want now. Wat is Chinese money got to do with projects for good on common man

Ernerstdavid55:
how many progects does the sE got how man Niger delta got how man benue state go or is BENUE state not part of Nigeria?

come on, that is the issue of nigerian government. how can china think about hoe to balance the investment among the regions in nigeria? anyway, i m just making fun of the chinese "slave owner" role.

Ernerstdavid55:
u got the wrong idea, not the thread, the project is the point who care wat u wrote or not

ok, i got ur point now...

igbesachick:


ok, i got ur point now...

ok

igbesachick:


come on, that is the issue of nigerian government. how can china think about hoe to balance the investment among the regions in nigeria? anyway, i m just making fun of the chinese "slave owner" role.

haha