Welcome to the new Independent website. We hope you enjoy it and we value your feedback. Please contact us here.

Nigeria can't pay

Nigeria, already in arrears on foreign loan repayments, yesterday served notice it would not be able to meet the 1994 debt service requirement, Reuter reports from Abuja. The Finance Minister, Kalu Idika Kalu said dollars 4.3bn ( pounds 2.8bn) was needed to service external loans in 1994. Only dollars 1.8bn had been set aside for the purpose.