Business
‘China Prepared To Lend More’, FG Not Discussing Debt Forgiveness With Beijing — Minister
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.
The Presidency says the bodies allegedly used by Adeyemi—including the so-called Presidential Economic Advisory Council, Presidential Foreign Investment Promotion Council, and Presidential Foreign Intervention Promotion Council—do not exist as government agencies.
The Presidency says a man identified as Prince Adeniyi Adeyemi Matthew allegedly created and operated fake government agencies, forged appointment letters, and falsely claimed to have been appointed by Femi Gbajabiamila.
According to the statement:
The Office of the Chief of Staff discovered the alleged scheme after complaints from the Nigerian Investment Promotion Commission (NIPC) that an unauthorized body was operating in a way that conflicted with its functions.
The Chief of Staff petitioned the Department of State Services and the Nigeria Police Force in October 2025 to investigate alleged forged appointment letters.
The Presidency says the bodies allegedly used by Adeyemi—including the so-called Presidential Economic Advisory Council, Presidential Foreign Investment Promotion Council, and Presidential Foreign Intervention Promotion Council—do not exist as government agencies.
Investigators allege Adeyemi operated from an office in the Federal Secretariat Complex, held meetings with diplomats, and sought diplomatic support to obtain U.S. visas for members of the alleged organization.
Police reportedly recovered forged documents and other exhibits during searches of his office and residence.
The investigation allegedly found that Adeyemi operated 34 bank accounts, including several in the names of fictitious organizations, and used forged documents to open a Central Bank of Nigeria account.
The Presidency says no government funds were paid into that account.
Police charged Adeyemi and two others before the Federal High Court on multiple counts, including forgery, impersonation, and obtaining by false pretence. The case is scheduled for hearing on July 27.
The Presidency also denied claims that Gbajabiamila appointed Adeyemi, stating that appointments to federal offices are issued through the Office of the Secretary to the Government of the Federation, not the Office of the Chief of Staff.
Current status
The Presidency maintains that:
the agencies in question are fictitious,
the appointment letter was forged,
Adeyemi is an impostor,
and the allegations against him should be resolved by the court.
As the case is pending before the court, the allegations remain subject to judicial determination.
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Business
CBN revokes 46 MFBs’ licences
According to the revocation order, the action became necessary because of one or more of: insufficient assets to meet liabilities; closure of operations without the CBN approval; and inactivity and cessation of financial intermediation.
The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 Microfinance Banks (MFBs).
CBN’s Ag. Director of Communications, Mrs. Hakama Sidi-Ali disclosed that the revocation becomes effective today.
She emphasised that the revocation was in accordance with its powers under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
“The revocation was approved by the Governor of the Central Bank of Nigeria, Mr. OlayemiCardoso, following the banks’ failure to meet the regulatory requirements for continued operation as licensed financial institutions,” she said.
According to the revocation order, the action became necessary because of one or more of: insufficient assets to meet liabilities; closure of operations without the CBN approval; and inactivity and cessation of financial intermediation.
Others were: failure to commence operations within 12 months of licence approval, and failure to maintain minimum capital funds unimpaired by losses.
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