Debt and Development Issues
Denmark reschedules Nigeria’s debt
Sep 16, 2003, 16:46
| | Following in the steps of nine other members of the Paris Club, the Kingdom of Denmark on 15 September rescheduled Nigeria’s debt of $366,578,706.41.
Other countries that have concluded bilateral rescheduling arrangements with Nigeria are: Israel, Spain, Switzerland, France, Austria, Germany, United Kingdom, United States and Belgium.
Minister of State for Finance, Mrs Nenadi Esther Usman, who signed on behalf of Nigeria, said that in accordance with the provisions which Nigeria signed in 2000 with the member countries of the Paris Club, the market related portion of the debt is being rescheduled for repayment in 18 years, including a three-year moratorium, at a fixed interest rate of 5.3 percent per annum.
The rescheduled debt with Denmark represents debt service areas accumulated by Nigeria up to July 31, 2000 as well as the maturities falling due between August 2000 and July 2001.
Mrs Usman said, “two more of such agreements are expected to be signed before the end of this month”.
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