Buhari’s govt speaks on debt repayment default to China

The Government of President Muhammadu Buhari has refuted claims that it defaulted in the repayment of debt to China, costing N41.31 billion.

Director General of the Debt Management Office, Patience Oniha, disclosed this on Wednesday, stating that there is no loan obligation to China, which had accumulated to N110.31 billion in two years.

She stated that as of 2021, Chinese loans to Nigeria stood at $3.59 billion, constituting only 9.4 per cent of Nigeria’s total foreign debt stock of $37.9 billion.

Oniha added that they are all concessional loans, and there is no need to worry about them.

“The public is assured that Nigeria is fully committed to honouring its debt obligations and has not defaulted on any debt service obligations. The media report should therefore be disregarded,” the DMO stated.