DMO said the clarification was necessary to show that China is not a major source of funding for the Nigerian government...
Total loans by the Chinese government and affiliate agencies to Nigeria is about $3.121 billion and constitutes only about 3.94 per cent of Nigeria’s total public debt of $79.3 billion as of March 31, theAlso, in terms of external sources of funds, Chinese loans account for about 11.28 per cent of the country’s external debt stock of $27.67 billion by the same date.
Noting alleged fraudulent, irregular and underhand characteristics of many Chinese loan contracts with African States, the lawmakers expressed concern that the loans have become a new form of economic colonialism by China. “These two benefits make the provisions for Debt Service in the Annual Budget lower than they would otherwise have been if the loans were on commercial terms,” Mrs Oniha said.The DMO Chief said all the Chinese loans as at March 31, 2020 are tied to 11 specific projects, namely the Nigerian Railway Modernisation Project , Abuja Light Rail Project, and Nigerian Four Airport Terminals Expansion Projects .
Beyond these benefits, Mrs Oniha said the projects have brought additional benefits in terms of job creation through direct and indirect service providers, including Small and Medium Enterprises. Before taking the loans, the DMO boss said the Federal Ministry of Finance, Budget and National Planning usually works with the DMO and the ministries, departments and agencies under whose portfolio a proposed loan falls.
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