DMO says Nigeria defaulting in Chinese loan repayment
Written by Joey Shekwonuzhibo on April 19, 2023
The Debt Management Office is saying that Nigeria has failed to fully service its debt to China which has accumulated to N110.31 billion in the last two years.
According to the DMO, the China debt stock included the principal and repayment charges.
The loans were incurred for the completion of the Idu-Kaduna section of the Nigeria Railway Modernisation Project; the Lagos-Ibadan section of Nigeria Railway Modernisation Project and the Abuja Light Rail Project.
A breakdown of the data shows that in 2021, the Idu-Kaduna section’s principal fee was about N17.25 billion, with about N4.26 billion as its interest.
The Lagos-Ibadan section’s principal was not indicated, but the interest stood at about N10.80 billion.