THE NATION
NIGERIA has failed to fully service its debt to China which has accumulated to N110.31 billion in the last two years.
According to a Debt Management Office (DMO) Report, the China debt stock included the principal and repayment charges.
The DMO put the principal fee from January 2021 to December 2022 at N69, 009,417,500 ($153.85 million). It said the interest charges amounted to N41, 311,455,000 ($92.1 million).
The Federal Government were incurred for the completion of the Idu-Kaduna section of the Nigeria Railway Modernisation Project; the Lagos-Ibadan section of Nigeria Railway Modernisation Project and the Abuja Light Rail Project.
A breakdown of the data showed that in 2021, the Idu-Kaduna section’s principal fee was $38.46 million (about N17.25 billion) with $9.5 million (about N4.26 billion) as its interest. The Lagos-Ibadan section’s principal was not indicated, but the interest stood at $ 24.07 million (about N10.80 billion)…
