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Rep: I didn’t say there’s N45bn interest on $1bn loan

Daily Trust had reported yesterday that based on the repayment plan of N30 billion yearly for seven years, as revealed by Jibrin on Tuesday, Nigeria…

Daily Trust had reported yesterday that based on the repayment plan of N30 billion yearly for seven years, as revealed by Jibrin on Tuesday, Nigeria would end up paying N45 billion interest on the loan.
The report simply calculated that if a total of N210 billion is to be paid for a loan of N165 billion equivalent, then the additional N45 billion represents interest and other charges on the principal sum. At least one other newspaper also reported in the same vein.
But speaking with some journalists yesterday, Jibrin said his revelation on the floor of the House on Tuesday did not include any mention of interest payment.
“I did not say there is N45 billion interest to be paid on the loan. What I said was that we have started consultation with security agencies and ministry of finance,” he said.
Jibrin did not, however, deny mentioning on the floor of the House on Tuesday that N30 billion is to be paid annually for seven years to defray the loan.

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