Nigeria has not defaulted on repaying its Chinese loans, contrary to what a non-governmental organization, Socio-Economic Rights and Accountability, said.
In a statement released, SERAP applauded the ruling that demanded the administration of President Major General Muhammadu Buhari (retd) explain for how it used the $460 million it received from China to finance the Abuja Closed-Circuit Television project, which was subsequently abandoned.
In its statement, the NGO also cited a source that claimed Nigeria had defaulted on loans, resulting in penalties of N41.31 billion.
However, DMO in its refutation claimed that the claim is ‘false’ because Nigeria has not defaulted on its loan repayment. Accounting for the $460 million Chinese loan’s expenditures is in the interest of the public.