With elections to replace Nigeria's President Buhari scheduled for February 2023, there is a big push to complete longstanding infrastructure projects.
I need $36bn to construct railway nationwide Amaechi The Minister of Transportation, Rotimi Amaechi, says he needs just $36bn to connect the entire nation by rail. Amaechi said this on NTA’s ‘Good Morning Nigeria’ programme which was monitored by The PUNCH on Friday. The minister explained that railway is capital intensive and this has made…
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Temitayo Jaiyeola, Kariola Mustapha, Amarachi Orjiude and Sami Olatunji
Published 15 June 2021
Temitayo Jaiyeola, Kariola Mustapha, Amarachi Orjiude and Sami Olatunji
Published 15 June 2021
• $719.61m used to service Chinese loans since inception in 2015
The Buhari’s administration has borrowed $2.02bn as loans from China from 2015, data obtained from the Debt Management Office on Monday showed.
According to the statistics obtained from the DMO, Nigeria’s total debt from China as of June 30, 2015 stood at $1.38bn.
However, as of March 31, the country’s debt portfolio from China had risen to $3.40bn.
According to the DMO, loans from China are concessional loans with interest rates of 2.50 per cent per annum, a tenor of 20 years and grace period (moratorium) of seven years.