FG speaks on alleged default on repayment of Chinese loans, states true facts

LEGIT NG

According to the Debt Management Office (DMO), Nigeria has yet to default on loan repayment to China.

A recent statement by DMO said that media reports about Nigeria’s alleged failure to repay accumulated N110.3 billion debt to China are false.

Report claims Nigeria has accumulated debt of N11 billion

The report alleged the debt accumulated in the last two years, and Nigeria stands to pay a penalty of N41.31 billion for the default.

TheCable reports that the DMO said the assertions were untrue and unfounded, describing them as false and asking Nigerians to ignore the report.

DMO said:

“The attention of the Debt Management Office (DMO) has been drawn to a publication by some media houses claiming that Nigeria has defaulted in debt repayment to China for which it claimed “penalties stand at N41.31 billion,” the statement reads.“The public is advised to ignore the publication as it is false.“A closer look at the media publication shows that the body of the publication is entirely detached from the headline.