- The minister’s comments come amid calls from Nigeria for global debt relief
The Nigerian government has clarified that it is not seeking debt forgiveness from China, despite its push for debt relief at international forums.
Speaking on Channels Television’s Sunday Politics, Minister of Foreign Affairs Yusuf Tuggar said that ongoing discussions with Beijing are focused on securing more loans and investments in Nigeria’s economy, not on debt cancellation.
“No, that is not what we are discussing with China. Nigeria’s debt-to-GDP ratio is not among the highest for developing countries, and China is willing to lend more and invest further in infrastructure and other sectors,” Tuggar stated.
The minister’s comments come amid calls from Nigeria for global debt relief, as Vice President Kashim Shettima recently urged world leaders at the UN General Assembly to prioritise debt forgiveness for developing nations.
Tuggar noted that while Nigeria benefited from debt forgiveness under President Obasanjo’s administration, achieving it again is a gradual process that requires consistent engagement.
The Debt Management Office reports that Nigeria’s domestic and external debt stood at N121.67 trillion ($91.46 billion) as of Q1 2024.