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‘China Prepared To Lend More’, FG Not Discussing Debt Forgiveness With Beijing — Minister

Published

2 years ago

September 30, 2024

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The Federal Government of Nigeria says it is not discussing debt forgiveness with China, noting that Beijing is willing to lend Nigeria more money and invest more in the economy of Nigeria.

The Minister of Foreign Affairs, Yusuf Tuggar, stated this on Channels Television’s Sunday Politics programme.

Nigeria has been making proposals for debt forgiveness at the United Nations General Assembly for some years now but this hasn’t been achieved.

At the recent 79th session of the United Nations General Assembly (UNGA) in New York, President Bola Tinubu, represented by Vice President Kashim Shettima, pushed for reform of the international financial system to include “comprehensive debt relief measures, to enable sustainable financing for development”.

Asked whether any of the multilateral or bilateral loans obtained by Nigeria was cancelled at this year’s UNGA, the foreign minister said, “Under President Obasanjo, we benefited from debt forgiveness.

It’s a process; it’s not just an event, it takes time but you have to be there, you have to be present, and then these things happen, they don’t happen overnight.

“The effect that we felt the last time we had debt forgiveness did not just happen with one UNGA.”

According to the Debt Management Office (DMO), Nigeria’s external debt stock as of March 2024 was N56trn ($42bn) while domestic debt stood at N65trn ($46.29bn).

China is one of the lenders to Nigeria.

Asked whether Nigeria is in talks with Beijing for debt relief considering that Tinubu met with his Chinese counterpart, Xi Jinping of late, the minister said that was not the case.

Tuggar said, “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.

“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.”

The minister also said Nigeria would join BRICS+, a nine-member economic and political force, at the right time.

As of December 2004, Nigeria owed a total of $36bn (which amounted to N4.8trn at the exchange rate of N134/$1).

$30.84bn of the country’s external debt at the time was borrowed from the Paris Club, alongside other bilateral and multilateral facilities.

The Paris Club is an official group of money lenders formed in 1956 with headquarters in Paris, France.

Nigeria borrowed funds for developmental projects from members of the group such as the UK, US, France, Germany, Japan, Netherlands and eight other countries. Some of the funds borrowed were long before Obasanjo’s administration.

President Olusegun Obasanjo’s debt relief campaign in 2005 saw the Paris Club grant Nigeria a debt relief of $18bn out of the $30.8bn outstanding.

As an exit strategy, Nigeria paid Paris Club creditors $12.4bn which represented $6.3bn regularisation of arrears and a balance of $6.1bn.

Related Topics:Debt Forgiveness Minister

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Exchange Rates Today Friday, 12 June

Black Market Rates
US Dollar (USD) ₦1,397
Great British Pound (GBP) ₦1,850

Published

20 hours ago

June 12, 2026

OCHEFA

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Official CBN Exchange Rates

US Dollar (USD) ₦1,363. 83

Great British Pound (GBP) ₦1,821. 25

EURO (EUR) ₦1,572. 90

SWISS FRANC (CHF) ₦1,706. 49

JAPANESE YEN (JPN) ₦8.50

CHINESE YUAN (CNY) ₦201.20

West African CFA (XOF) ₦2.40

West African Unit Account (WAUA) ₦1,857. 45

SAUDI RIYAL (SAR) ₦363. 29

SOUTH AFRICAN RAND (ZAR) ₦82.61

Black Market Rates

US Dollar (USD) Buy ₦1,397 Sell ₦1,405

Great British Pound (GBP) Buy ₦1,850 Sell: ₦1,870

EURO (EUR) Buy ₦1,587 Sell ₦1, 607

Canadian Dollar (CAD) Buy ₦1,030 Sell ₦1,100

South African Rand (ZAR) Buy ₦75 Sell ₦90

UAE Dirham Buy ₦350 Sell ₦370

Chinese Yuan Buy ₦180 Sell ₦200

Ghana Cedi (GHS) Buy ₦95 Sell ₦110

West African CFA Buy ₦2, 380 Sell ₦2, 460

Central African CFA Buy ₦2, 220 Sell 2,300

Australian Dollar Buy ₦800 Sell ₦900

Business

Airtel launches data calculator to counter depletion complaints

Commenting on the significance of the launch, Dinesh Balsingh, Chief Executive Officer, Airtel Nigeria, said that the company remains focused on building a network and customer experience ecosystem anchored on trust, transparency and continuous improvement.

Published

2 days ago

June 11, 2026

OCHEFA

40 Views

Airtel Nigeria has launched the Airtel Web Data Calculator, a new digital tool designed to help customers estimate and better understand their internet data consumption based on real-life usage patterns.

Available through Airtel’s website, the calculator enables customers to estimate data usage across common digital activities such as video streaming, social media engagement, voice and video calls, and everyday web browsing.

Speaking on the launch, Oladokun Oye, Customer Experience Director, Airtel Nigeria, said that the initiative reflects Airtel’s commitment to customer empowerment and service transparency.

“As Nigerians become increasingly dependent on digital services for work, education, entertainment and communication, it is important that customers have clear visibility into how their data is consumed.

The Airtel Web Data Calculator was developed to help our customers understand their usage patterns better, make informed choices, and enjoy greater confidence in their digital experience,” he said.

Commenting on the significance of the launch, Dinesh Balsingh, Chief Executive Officer, Airtel Nigeria, said the company remains focused on building a network and customer experience ecosystem anchored on trust, transparency and continuous improvement.

“The future of telecommunications will be defined not only by network investments but also by how effectively operators help customers understand and manage their digital lives. The Airtel Web Data Calculator represents a practical innovation that places more information and control directly in the hands of our customers.” He said.

Business

Kingsley Moghalu chairs Bluecode Africa subsidiary in Nigeria

Moghalu served as Deputy Governor of the Central Bank of Nigeria from 2009 to 2014, heading the Financial System Stability and Operations Directorates at different periods.

Published

2 days ago

June 11, 2026

OCHEFA

38 Views

Bluecode Africa, the European payments infrastructure operator backed by leading US and European institutional investors, has named Prof Kingsley Chiedu Moghalu as Chairman of the Advisory Board of its Nigerian subsidiary, Bluecode Payments Nigeria Limited as the company formally enters the Nigerian market.

The appointment was jointly announced by Chris Pirkner, Founder of Bluecode, and Odin Krismayr, Managing Director of Bluecode Africa, who described it as a foundational governance decision for the company’s Nigerian and continental operations.

Moghalu served as Deputy Governor of the Central Bank of Nigeria from 2009 to 2014, heading the Financial System Stability and Operations Directorates at different periods.

He led the team that introduced the unique-identifier Bank Verification Number (BVN), enrolling 50 million banking users, simplifying Know Your Customer (KYC) procedures, and doubled Nigeria’s financial inclusion rate from 33 to 60 per cent.