The Debt Management Office (DMO) on Saturday debunked reports that some national assets were used as collateral towards the solicitation for loans from China.
This was clarified on Saturday by Ms Patience Oniha, the Director-General of DMO via an interview with the News Agency of Nigeria (NAN) on Saturday in Abuja.
She clarified that the loans were largely concessional, as no national asset was tagged as collateral.
The loans from China to Nigeria, which presently stood at 3.59 billion dollars, constitutes only 9.4 per cent of the country’s total foreign debt stock of 37.9 billion dollars, Oniha stated.
“Nigeria’s total debt stock as at Sept. 30 was 37.9 billion dollars, this figure comprised the external debt stock of the Federal Government, 36 state governments and the Federal Capital Territory.
“But total loans from China stands at 3.59 billion dollars, which is 9.47 per cent of the total external debt. The loans did not require any national asset as collateral; they were largely concessional,’’ she said