Nigeria has not defaulted in repaying Chinese loans

The Debt Management Office has refuted the claim by a non-governmental organisation, Socio-Economic Rights and Accountability, that Nigeria has defaulted in repaying its Chinese loans.

SERAP in a statement yesterday hailed the judgement that ordered the present regime led by the President, Major General Muhammadu Buhari (retd), to account for how it spent $460 million obtained from China to fund the Abuja Closed-Circuit Television project which later was not implemented.

The NGO also quoted a report in its statement saying Nigeria has failed to repay loans for which penalties stand at N41.31bn.

But DMO in its rebuttal said the statement is ‘false’ as Nigeria has not defaulted in its loan repayment.

It said, ” Nigeria is fully committed to housing its debt obligations and has not defaulted on any of its debt service obligations,” DMO said on Monday.

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