The African Union Economic, Social and Cultural Council, Nigeria office, has urged China, France, Japan and India to write off Nigeria’s debt or allow a two-year moratorium on repayments.

It commended the International Monetary Fund for granting relief to 25 nations under its Catastrophe Containment and Relief Trust to tackle the novel coronavirus.

The AU agency’s Nigeria Representative, Oba Olasunkanmi, in a statement in Abuja on Thursday, explained that as major lenders, they should also grant a reprieve to the Federal Government to contain the COVID-19 pandemic.

It said, “Certainly, this will further assist the benefiting countries to significantly cushion the impact of the dreaded disease on their economies. Nigeria, at this time, needs support to enable it recover from the financial impact.”

The AU further  noted that it would be difficult for the nation to service the debts in the face of the economic realities imposed by COVID-19 “as the United Nations had projected that the world would need $1 trillion for continual existence.”

It noted, “Nigeria needs China’s support at this trying time, with the long and fruitful bilateral relationship between both countries which has led to Nigerian government owing China the debt of about $3.2 billion.

“We are being faithful in payment of service charges. In 2019, Nigeria paid $138.8 million (N53.7billion) to EXIM Bank of China in settlement, the highest amount paid to any bilateral institution for the year.”

62 COMMENTS

  1. I know this if off topic but I’m looking into starting my
    own blog and was wondering what all is needed to get
    set up? I’m assuming having a blog like yours would cost a
    pretty penny? I’m not very web savvy so I’m not 100% positive.
    Any recommendations or advice would be greatly appreciated.
    Kudos

  2. Hmm it appears like your blog ate my first comment (it was super long) so I guess I’ll just sum it up what I wrote
    and say, I’m thoroughly enjoying your blog. I too am an aspiring blog blogger but I’m still new to the whole thing.
    Do you have any recommendations for novice blog writers?
    I’d definitely appreciate it.

  3. Have you ever considered about adding a little bit more than just
    your articles? I mean, what you say is valuable and all.
    But think about if you added some great images or video clips to give
    your posts more, “pop”! Your content is excellent but with pics and clips,
    this blog could definitely be one of the most beneficial in its niche.
    Wonderful blog!

  4. дистрибуция музыки на цифровые площадки

    Fast Distro Music offers free distribution services for 15% of revenues and also offers artists a premium plan that requires upfront payment but allows them to keep 100% of all royalties. Fast Distro Music claims to cover over 90% of the digital distribution market. Artists and musicians can look forward to fundamental digital distribution and direct sales services from Fast Distro Music plans, as well as referral rewards, streaming and sales data and reports, and inclusion and identifiers for Youtube Music Network and Soundcloud. Fast Distro Music also provides free ISRC and UPC codes, as well as a community called Fast Distro Music Studio to help users grow their audience on Youtube faster. Pricing starts at $0, with a 15% cut off of all royalties earned, as well as two other annual pricing options. the best free music distribution service

LEAVE A REPLY

Please enter your comment!
Please enter your name here