 The Debt Management Office (DMO) yesterday declared that Nigeria did not have the financial strength to meet the $7.758 billion (about N1.031 trillion) debt service requirement due in 2005. The DMO, however, described as false reports by international media that Nigeria failed to pay an estimated $30 million on restructured commercial debt. Addressing finance correspondents yesterday in Abuja, Acting Director General of DMO, Dr. Abraham Nwankwo, noted that the successful bilateral debt rescheduling agreement, which the country signed with all the 15 members of the Paris Club, has now given some form of relief. He disclosed that amount due in 2005 stood at $3,241.88 million while expected arrears as at the end of last year was $4,516.62 million and the proposed amount for debt service in the 2005 budget was $1.7million. |