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Nigeria not defaulting in repaying Chinese loans for failed Abuja CCTV project—DMO 

The Debt Management Office (DMO), says Nigeria is not defaulting in repaying Chinese loans.

Abuja-CCTV-failed-project. Credit: Observer Times
Abuja-CCTV-failed-project. Credit: Observer Times

The Debt Management Office (DMO), says Nigeria is not defaulting in repaying Chinese loans.

Reacting to a claim by a non-governmental organisation, Socio-Economic Rights and Accountability (SERAP) that the country has defaulted in repaying its Chinese loans.

SERAP had sued the federal government asking the court to order the government to account for how the funds for the failed Abuja Closed-Circuit Television (CCTV) Chinese-funded project were expended.

The PUNCH reported that the court in its ruling ordered the Buhari-led administration, to account for how it spent $460 million obtained from China to fund the CCTV project which later was not implemented.

SERAP in a statement said Nigeria has failed to repay loans for which penalties stand at N41.31bn.

DMO in its rebuttal on Monday said the statement is ‘false’ as Nigeria has not defaulted in its loan repayment.

“Nigeria is fully committed to housing its debt obligations and has not defaulted on any of its debt service obligations,” DMO said.

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