Debt Management Office (DMO) in its latest data has revealed that Nigeria’s debt to China is $4.15 billion as of September 2021.

This balance is out of a total debt of $6.5 billion available for Nigeria to draw down.

Most of the debts are for a period of 20 years with a grace period to repay the principal of about 7 years.

Only a $200 million debt had a tenor of 12 years with a grace period of 5 years. The loans are broken into dollar-based and Yuan based loans with $4 billion and another CNY480.

Nigeria’s debt to China has risen  over the last decade as government diversifies its debt portfolio towards cheaper Chinese loans with rates at an average of 2.5% per annum.