The Federal Government has refuted reports of seeking debt cancellation
from China, despite ongoing discussions about debt relief at international
forums.
Minister of Foreign Affairs, Yusuf Tuggar, made this clarification during an appearance on one of the national Television programme, while responding to questions about Nigeria’s debt situation and recent interactions with China.
He however, said Beijing is open to extending further loans and making more investments in Nigeria’s economy, and emphasised that while Nigeria has pushed for debt relief measures globally.
including at the United Nations General Assembly, UNGA, China remains prepared to strengthen its financial commitments to Nigeria.
The Minister also noted that debt forgiveness is a gradual process and has not yet been achieved at recent UNGA sessions.
Meanwhile, the Debt Management Office, DMO in its first quarter of 2024 report, said Nigeria’s domestic and external debts stood at 121.67 trillion naira approximately 91.46 billion dollars.
