Nigeria to Offset China Loan in 24 Years

Federal Government of Nigeria (FGN) has no fewer than 24 years to pay off the currently borrowed $3,593 billion loan secured from China Exim Bank.

That suggests that the offset of the loan will be serviced under seven elected presidents from 2023.

Intelligent finding unveils the terminal date for the repayment of the bulk of the debts would only remain realistic if Nigeria does not draw further loans either before the end of the life of the present administration or subsequent others.

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Elected governments beginning in 2023, 2027, 2031, 2035, 2039, 2043, and perhaps that in 2047 will bear the burden of generating funds to upset the loans obtained to execute capital projects, which when completed and optimally operated, should generate enough resources to recoup both the capital and interests accruable to the loans and provide services to uplift the socio-economic well-being of Nigeria and Nigerians.

All the loans carry 20-year maturity period and seven years of grace-a period the borrower is allowed to gather itself, while each loan instrument attracts varying percentages ranging from 2.50% to 2.75% interest rates, based on the prevalent foreign exchange rate as at the time payment is made.