DAILY TRUST
The Federal Government has said China is willing to lend Nigeria more money and invest in the country’s infrastructure.
The Minister of Foreign Affairs, Yusuf Tuggar, who disclosed this while speaking on Channels Television’s Sunday Politics programme, also sai Nigeria was not among the critically indebted countries, hence it was not discussing debt forgiveness with its major lender, China.
According to the Debt Management Office (DMO), Nigeria’s external debt stock as of March 2024 was N56trn ($42bn) while domestic debt stood at N65trn ($46.29).
China is one of Nigeria’s top lenders.
At the recent 79th session of the United Nations General Assembly (UNGA) in New York, President Bola Tinubu, represented by Vice President Kashim Shettima, pushed for reform of the international financial system to include “comprehensive debt relief measures, to enable sustainable financing for development”.
However, when asked if Nigeria was in talks with China for debt relief considering that President Tinubu met with his Chinese counterpart, Xi Jinping recently, the minister said that was not the case.
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