The Giant of Africa Nigeria, has incurred a lot of debts in the past, and still securing more debts in the future. Nigeria owes $4.26bn to China and 4 other countries
The debts incurred by Nigeria to China, Japan, India, France and Germany rose to a whooping sum of $4.26 billion as of June 30, 2021 from $3.85 billion as of last year ending 2019. This is in accordance to data gotten from the Debt Management Office.
An intensive analysis of data confirmed that the country spent $402.74 Million in the 18-month period servicing bilateral loans, even though they borrowed $400M
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Nigeria was in debt of $3.18bn to the Exim Bank of China, $76.13m to France’s Agence Francaise Development, $361.75m to Japan International Cooperation Agency, $32.14m to the Exim Bank of India, and $202.27m to Germany’s Kreditanstalt Fur Wiederaufbua. As of December 2019.
Mrs Zainab Ahmed, who happens to be The Minister of Finance, Budget and National Planning spoke on October. She said that the federal Government remains uncomfortable with the fact that they borrowed more than the borrowing threshold in the fiscal Responsibility act.
“We have implemented measures to curtail the rate of borrowing over the next few years so that we will be able to pay back what we have borrowed to the debt service Obligation” she added.
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