Loans from China now $3.59b, says DMO

The Debt Management Office has clarified that loans from China to Nigeria, which presently stood at $3.59bn, constitutes only 9.4 per cent of the country’s total foreign debt stock of $37.9bn.

The Director-General of DMO, Ms Patience Oniha, made this known in an interview with the News Agency of Nigeria on Saturday in Abuja.

She also clarified that the loans were largely concessional, as no national asset was tagged as collateral.

NAN reports that in recent times, both the social and mainstream media have been awash with news about some African countries, including Nigeria, facing the threat of losing some critical national assets to the Asian country due to high level indebtedness.

“Nigeria’s total debt stock as at September 30 was $37.9bn; this figure comprised the external debt stock of the Federal Government, 36 state governments and the Federal Capital Territory.

“ But total loans from China stands at 3.59 billion dollars, which is 9.47 per cent of the total external debt. The loans did not require any national asset as collateral; they were largely concessional,’’ she said.

Oniha urged Nigerians to always endeavour to verify sensitive information from official sources before disseminating it.

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