The Nigerian government has claimed it spent $62.66million to service railway-related debts in the first quarter of 2023 from January and March. This was disclosed in the external debt service payments report by the Debt Management Office, saying the Nigeria Railway Modernisation Project (Idu-Kaduna Section) took $23.1million, The Nigeria Railway Modernisation Project (Lagos-Ibadan Section) gulped $15.49m while the Nigeria Abuja Light Rail Project gulping $24.07million.
DMO Discloses Railway Debt Servicing Gulped $63m In Q1 thenigerianvoice.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thenigerianvoice.com Daily Mail and Mail on Sunday newspapers.
Underutilisation, Debts Hobble Over $4.12b Rail Rehabilitation Project thestreetjournal.org - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thestreetjournal.org Daily Mail and Mail on Sunday newspapers.
There has been disquiet over a recent report alleging that Nigeria has defaulted on Chinese loan repayment and stands the risk of paying a penalty amounting to N41.31 billion.
Nigeria has failed to service its debt to China which has accumulated to N110.31 billion in the last two years. According to report by the Debt Management Office (DMO), the China debt stock included the principal and repayment charges. DMO said that from January 2021 to December 2022, the principal fee stood at N69, 009,417,500 |