The Federal Government has revealed that China remains open to lending Nigeria more money and increasing its investment in the country’s infrastructure.
Minister of Foreign Affairs, Yusuf Tuggar, made this known during an appearance on Channels Television’s Sunday Politics.
Despite Nigeria’s growing debt profile, Tuggar clarified that the country is not in discussions with China about debt relief, noting that Nigeria is not among the critically indebted nations.
He pointed out that, according to the Debt Management Office (DMO), Nigeria’s external debt as of March 2024 stood at N56 trillion ($42 billion), while domestic debt was N65 trillion ($46.29 billion).
Tuggar explained that China, one of Nigeria’s major lenders, is still willing to provide more financial support.
“No, that is not what we are discussing with China. And when it comes to the issue of debt, look at the debt-to-GDP ratio of Nigeria, we are not even among the critically indebted nations,” he said.
“When you talk about the debt of a developing country, Nigeria is not in that sort of precarious situation. As a matter of fact, China is prepared to lend more, China is prepared to invest more in Nigeria in terms of infrastructure development and other things,” Tuggar added.
At the recent 79th session of the United Nations General Assembly (UNGA) in New York, President Bola Tinubu, represented by Vice President Kashim Shettima, advocated for reforming the international financial system, calling for “comprehensive debt relief measures” to promote sustainable development financing.
However, Tuggar reiterated that this push for debt relief did not specifically involve China, as the Asian nation is more interested in continued collaboration and investment.
He further noted that Nigeria’s presentations at the UN were not solely for its benefit but also to represent the interests of Africa, the global South, and developing countries.
