Total loans by the Chinese government and affiliate agencies to Nigeria has hit about $3.1billion as it constitutes only about 3.94% of Nigeria’s total public debt of $79.3 billion as of March 31 this year.
This is according to the Debt Management Office (DMO)
The DMO said the clarification was necessary to show that China is not a major source of funding for the Nigerian Government, contrary to recent reports that Nigeria has mortgaged its sovereignty to China through loans.
According to the DMO, all the Chinese loans as at March 31, 2020 are tied to 11 specific projects, namely the Nigerian Railway Modernization Project, Abuja Light Rail Project, and Four Airport Terminals Expansion Projects in Abuja, Kano, Lagos and Port Harcourt.