The Debt Management Office has said that Nigeria has not defaulted on repaying its Chinese loans, contrary to the claims of a non-governmental group, Socio-Economic Rights and Accountability.
In a statement released yesterday, SERAP applauded the ruling that demanded the administration of President Muhammadu Buhari explain for how it used the $460 million it received from China to finance the Abuja Closed-Circuit Television project, which was subsequently abandoned.
In its statement, the NGO also cited a source that claimed Nigeria had defaulted on loans, with penalties totaling N41.31 billion.
But DMO in its rebuttal said the statement is ‘false’ as Nigeria has not defaulted in its loan repayment.
It said, ” Nigeria is fully committed to housing its debt obligations and has not defaulted on any of its debt service obligations,” DMO said on Monday.
