As of December 2020, the most recent official data available, Nigeria’s public debt was N32.9 trillion, or $86.3 billion. This is according to the country’s debt management office.
What Happens When A Country Cannot Pay Its Debt?
When a country couldn’t pay off its debt, it is known as a sovereign default. For instance, when a company fails to repay its debt, creditors file bankruptcy in the court of that country.
The court then presides over the matter, and usually, the assets of the company are liquidated to pay off the creditors. The same applies to a country that failed to repay its debt to China.
Right now everyone is calling for a breakup. The Yoruba want their own Republic, the Igbo want Biafra, South-South wants the Niger Delta Republic.
The question is,
If Nigeria Breakup Right Now, Who Will Pay The Debt We Owe China?
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