Breaking: Germany gifts N8.9bn debt relief to Nigeria

Germany said it has granted Nigeria debt relief amounting to N8.9bn (€22.4m) on account of the Coronavirus pandemic.

Also, the German government said it had successfully campaigned in the G20 group of countries and the Paris Club group of creditor countries in favour of a debt moratorium for countries heavily affected by the economic impact of COVID-19.

The European economic powerhouse stated this in a statement on Tuesday.

It noted, “In 2020, the German treasury relieves Nigeria of debt repayments amounting to €22.4m (N8.9bn).

Furthermore, Germany said it has also pledged a total of €12m (N4.8bn) in additional support to the West Africa Health Organisation, the regional health institution of the ECOWAS. 

The new allocation, Berlin said, is earmarked for the purchase of vital medical supplies and laboratory equipment, training measures and more generally, cooperation in pandemic prevention at the national and regional levels.

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