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Govt to Pay $6.4bn in Debt Relief Deal with Paris Club.
(From Vanguard (Nigeria) - AAGM)
Byline: Emma Ujah
NIGERIA will commence the payment of $12.4 billion being the balance of the $30 billion owed the Paris Club, having been given a debt relief to the tune of $18 billion at the end of October. This is under a three-prong arrangement reached with the Paris Club of creditors in Paris yesterday. The last payment is to be made in March 2007 and will set Nigeria free from the clutches of the debt owed the Paris Club.
According to the terms of the agreement, Nigeria will, in the first tranche, clear the outstanding arrears by paying about $6.4 billion. The second tranche payment would be about $1.3 billion, while the last tranche would be the payment of the balance of about $4.4 billion.
These terms of payment schedule were reached after a tortuous negotiations lasting two days and two nights. The Federal Government and the Paris Club of creditors signed the $18 billion debt relief deal in Paris at about 5a.m. yesterday.
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