Germany Grants Nigeria 22.4 million Euros Debt Relief

By Uche Mbah
The Republic of Germany says it has granted Nigeria debt relief to cushion the effect of the Coronavirus Pandemic. Besides, they have been at the forefront of campaigning for debt moratorium with the Paris Club and other Credit groups as a means of helping the third world country overcome the economic crisis it found itself in. Nigeria has seen it’s debt profile rising since the onset of the Muhammadu Buhari led administration in 2015.

In a release by the German Embassy in Abuja Tuesday, it said it pledged €300 million (N120bn) to the global humanitarian response plan launched by the United Nations to fight COVID-19.

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“In 2020, the German treasury relieves Nigeria of debt repayments amounting to €22.4 million (N8.9bn). This comes in addition to Germany’s support to the COVID-19 response on a global level and the support provided by the European Union to partner countries in Africa worth €3.25 billion (N1.3 trillion).

“On April 27, Germany pledged €300 million (N120bn) to the global humanitarian response plan launched by the United Nations to fight COVID-19.

“Clearly, the current crisis goes beyond national and even continental borders and can only be fought effectively in a cooperative way. We need more international cooperation, not less”.

According to the Embassy, The new allocation is slated for the purchase of essential medical supplies and laboratory equipment, training measures, and cooperation in pandemic prevention at the national and regional levels.

A total of €12 million (N4.8bn) in additional support to the West Africa Health Organisation, the regional health institution of the ECOWAS was pledged by the EU regional leader, the release said.