Eurobonds
NBS: Nigerian government, states’ debt profile rise to N32.92 trillion
Nigeria’s total public debt portfolio as at December 31, 2020, stood at N32.92 trillion, the National Bureau of Statistics (NBS) reveals. It made the revelation in its Nigerian Domestic and Foreign Debt report for Quarter Four, 2020, obtained from its website on Monday in Abuja. It added that the debt profile was for the States and the Federal Government. According to the bureau, Nigeria’s total public debt showed that N12.71 trillion or 38.60 per cent of the debt was external, while N20.21 trillion or 61.40 per cent of the debt was domestic. “Further disaggregation of Nigeria’s foreign debt showed that 17.93 billion dollars of the debt was multilateral, 4.06 billion dollars was bilateral from the African Development Bank (AfDB), Exim Bank of China, Japan International Cooperation Agency (...
S&P cuts Zambia to default after Eurobond payment missed
File Photo S&P Global Ratings Services cut its assessment of Zambia’s debt to selective default after it said it couldn’t meet payments and skipped a coupon on its Eurobonds last week. The ratings company didn’t wait for the 30-day grace period after the missed coupon payment to expire. This is the latest blow to Zambia, which is trying to convince bondholders to give it a six-month interest payment holiday while it drafts debt restructuring plans. S&P forecast that the nation will remain in default at least through the six months. “We view the nonpayment of debt service and the statement that the government will not make debt service payments as a default on its commercial debt obligations,” the company said in a statement Wednesday. Get more stories like this on Twitter You Deser...
Zambia asks China to cancel its debt
File Photo Zambian President Edgar Lungu has asked Chinese President Xi Jinping for some “debt relief and cancellation” in a telephone conversation between the two leaders. That is according to a statement issued by Lusaka after the chat that reportedly took place on Monday. “President Lungu called for debt relief and cancellation in light of reduced revenue due to the negative impact of the pandemic, as well as competing needs for the country to secure adequate resources to fight the pandemic and to stimulate the economy,” said a statement issued by Spokesman Isaac Chipampe. Zambia’s public debt has increased significantly in recent years although it’s unclear exactly how much is actually owed to China. The two leaders agreed to continue working closely together to safeguard common intere...
