April 19, 2023

The Debt Management Office (DMO) has debunked a media report that Nigeria defaulted in loans repayments to China.

A statement by the DMO in Abuja on Wednesday, advised the public to ignore the report as it is false.

A recent news report had quoted the DMO as saying that Nigeria failed to fully service its debt to China, which had accumulated to N110.31 billion in the last two years.

“The attention of the DMO has been drawn to a publication by some media houses claiming that Nigeria has defaulted in debt repayment to China for which it claimed penalty stand at N4.31billion.

“A closer look at the media publication shows that the body of the publication is completely detached from the headline.

“It gives the impression that the publishers of the report may have set out to mislead the public.

“The public is assured that Nigeria is fully committed to honouring its debt obligations and has not defaulted on any of its debt service obligations,’’ the DMO said.

It emphasised that the media report should be disregarded.