- The Debt Management Office (DMO) announced Nigeria's overall public debt has risen to N38 trillion as of September 30, 2021
- The loan from China is one area many Nigerians are interested in amid stories of assets being seized from nations unable to repay their debt
- DMO has now released a thorough analysis of loans received from China in the last 13 years, including how much has been returned and for what projects the funds were obtained
Nigerian will have to wait until 2039 to be debt free from China if additional loans are not collected from the $3.58 billion outstanding debts.
This is according to Debt Management Office document published on its website and obtained by Legit.ng
The data analysed showed that Nigeria government in the last 13 years(2006 to 2019) has approached and agreed with the Chinese government for loans totalling $6.1 billion(N2.50trn) out of which $4.1 bllion has been disbursed.
FG still waiting for payment from Togo, Benin, Niger for electricity supplied worth over N700m in three months
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How much has been repaid
So far, out of the 15 projects the Nigerian government has successfully repaid in full for the loan collected in 2006 for Nigerian-Communications-Satellite. The loan was fully fully repaid as at June 29, 2018.
So far the DMO data shows Nigeria has paid back to China a principal amount of $565.23 million while interest on the loans repaid totalled $477.98 million.
The remaining balance currently owed stands at $3.58 billion as at 2019.
The projects the loans went into
- Nigerian National Public Security Communication system Project
- Nigerian Railway Mordernization Project (Idu- Kaduna section)
- Abuja Light Rail Project
- Nigerian ICT Infrastructure Backbone Project
- Nigerian Four Airport Terminal Expansion Project (Abuja, Kano, Lagos & Port Hacourt)
- Nigerian Zungeru Hydroelectric Power Project
- Nigerian 40 Parboiled Rice Processing Plants Project (Fed. Min. of Agric & Rural Dev.)
- Nigerian Railway Mordernization Project (Lagos - Ibadan section)
- Nigeria Rehabilitation and Upgrading of Abuja - Keffi - Markurdi Road Project
- Nigeria Supply of Rolling Stocks and Depot Equipment for Abuja Light Rail Project
- Nigeria Greater Abuja Water Supply Project
- Nigerian Four Airport Terminal Expansion Project Ancillary Project
- Nigerian Four Airport Terminal Expansion Project Incremental Project
- Nigerian ICT Infrastructure Backbone Phase II Project
China accounts for 81.98% of Nigeria's external debt to countries
In a related story, Legit.ng revealed that the news of China taking over Uganda's Airport stirred heated reactions from Nigerians as many fear similar fate awaits.
Nigeria Although details of Nigeria's agreement with China is publicly not available, DMO data shows Nigeria is indebted to five countries worth over N1 trillion.
As expected China accounts for the highest debt stock by countries and the debts were obtained through bi-lateral agreements.