Every Nigerian owes China N15,000

Every Nigerian owes China N15,000 – Political analysts

For the N3 trillion Nigeria has received from China in the last four years, every Nigerian owes China N15,000 in debt. That’s just N3,000 short of minimum wage, Daily Trust reports.

The debt comes from two huge tranches of aid from China: $3.1 billion in 2014 and $6 billion for infrastructure in the last three years, according to political analyst Theophilus Abbah.

Every Nigerian owes China N15,000 - Political analysts lailasnews 3

Simple mathematics. Divide the combined total, just over N3 trillion, by the 198 million population Nigeria always talks about: that’s a nice N15,000 in debt to China for every Nigerian.

And that doesn’t even include the loan agreement signed this week in Beijing where China pledged $60 billion in credit facilities, a quarter of it interest free.

Analysts say getting governments indebted to China is the republic’s way of outsmarting the US and the UK in Africa trade

https://lailasnews.com/every-nigerian-owes-china-n15000-political-analysts/

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