Nigeria has been granted N8.9 billion (€22.4 million) debt relief by the Republic of Germany on account of the coronavirus pandemic, noting that it has 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.
Germany stated this in a statement in Abuja on Tuesday, It noted:
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.
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