Have any of you thought about this before? What will happen if Nigeria disintegrate without clearing our debts to China? WAHALA!
Official figures show that Nigeria’s debt to China grew 136% between September 2015 and September 2020, from $1.4 billion to $3.3 billion. Buhari started his first term in May 2015.
As of December 2020, the most recent official data available, Nigeria’s public debt was N32.9 trillion, or $86.3 billion. This is according to the country’s debt management office.
What Happens When A Country Cannot Pay It Debt?
When a country couldn’t pay off it debt, it’l is known as a sovereign default. For instance, when a company fails to repay its debt, creditors file bankruptcy in the court of that country. The court then presides over the matter, and usually, the assets of the company are liquidated to pay off the creditors. Same applicable to a country that failed to repay its debt to China.
Right now everyone is calling for breakup. The Yoruba want their own Republic, the Igbo want Biafra, South South want Niger Delta Republic.
The question is,
If Nigeria Breakup Right Now, Who Will Pay The Debt We Owe China?
Drop your comment below 👇