Nigeria pays $1.4bn of London Club debt
 8th JAN 2007

Nigeria has repaid $1.4bn to the so-called London Club of private creditors, while the rest of the debt will be cleared by March, President Olusegun Obasanjo said on Thursday.

"We have paid off $1.4bn of the amount we owe to the London Club, and the balance of about $900mn will be paid by March this year, effectively wiping clean the debts we owe," Obasanjo said.

Early last year, Nigeria became the first African nation to settle all its official debt of $4.6bn to Paris Club, a group of 19 international lenders that include Britain, Russia and Germany.

Before this latest payment to the London Club, Nigeria's total foreign debt stock stood at less than $5bn, officials said.

Obasanjo, who is due to leave power next May, having served a constitutional limit of two four-year terms, has promised to pay all Nigeria's debts before then.

SOURCE: AFP

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