COVID-19: Germany Grants Nigeria N8.9bn Debt Relief

Germany had also pledged €5.5m to help Nigeria combat the COVID-19 pandemic at the beginning of April.

Chancellor Angela Merkel of Germany / Photo credit: nbcnews.com
Chancellor Angela Merkel of Germany / Photo credit: nbcnews.com

The German government has granted Nigeria an N8.9bn debt relief in view of the economic impact of the COVID-19 pandemic on the country.

In a statement in Abuja on Tuesday, it said, “In 2020, the German treasury relieves Nigeria of debt repayments amounting to €22.4 million (N8.9bn).”

According to the statement the debt relief 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 about N1.3trn.

The statement added, “On April 27, Germany pledged €300 million (N120bn) to the global humanitarian response plan launched by the United Nations to fight COVID-1.”

Recall that Germany had also pledged €5.5m to help Nigeria combat the COVID-19 pandemic at the beginning of April.

The Office for the Coordination of Humanitarian Affairs in Nigeria had said that the fund would be used to fund food, shelter and clean water for impoverished citizens.

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