Federal Government Announces China’s Readiness For Expanded Financial Support In Nigeria

Federal Government Announces China’s Readiness For Expanded Financial Support In Nigeria

The Federal Government has clarified that it is not seeking debt forgiveness from China, despite ongoing discussions on debt relief at various international forums……CONTINUE READING 

The Minister of Foreign Affairs, Yusuf Tuggar, emphasized that China remains open to offering more loans and investments to boost Nigeria’s economy. He made this statement during an appearance on Channels Television’s Sunday Politics, addressing questions about Nigeria’s debt status and recent engagements with China.

“We are not in discussions with China for debt forgiveness,” Tuggar explained. “When you look at Nigeria’s debt-to-GDP ratio, we are not among the most critically indebted nations. In fact, China is ready to provide more loans and increase investments in Nigeria, particularly in infrastructure.”

While Nigeria continues to advocate for global debt relief, including during the United Nations General Assembly (UNGA), Tuggar stressed that China is committed to strengthening its financial ties with Nigeria.

At the 79th UNGA in New York, Vice President Kashim Shettima, representing President Bola Tinubu, called on world leaders to prioritize debt forgiveness for Nigeria and other developing countries. However, Tuggar noted that debt forgiveness is a gradual process that takes time.

Referring to Nigeria’s past experience, Tuggar added, “During President Obasanjo’s administration, we benefited from debt forgiveness. It’s a process that takes time, but Nigeria must remain engaged to see these outcomes.”

According to the Debt Management Office’s Q1 2024 report, Nigeria’s total domestic and external debt stood at N121.67 trillion ($91.46 billion).