§ Mr. Sedgemoreasked the Secretary of State for Trade and Industry if, pursuant to his answer of 25 November, Official Report, column 404, he will estimate the amount of money involved in the deferment of payments from Nigeria between the date when moneys were due and 1989 in relation to guarantees by the Export Credits Guarantee Department.
§ Mr. ChannonIt is estimated that the total amount involved will be about £500 million.
§ Mr. Sedgemoreasked the Secretary of State for Trade and Industry if, pursuant to his answer of 25 November, Official Report, column 404, he will state the reasons for the agreement entered into between Her Majesty's Government and the Nigerian Government over deferred payments between the date when moneys were due and 1989 and when the agreement was entered into.
§ Mr. ChannonThere is no formal agreement between Her Majesty's Government and the Nigerian Government concerning the trade debts for which the Nigerian authorities have sought relief from their international creditors. Formal agreement covering officially insured debts will be negotiated multilaterally once the Nigerian authorities have reached an agreement with the IMF. Meanwhile, Her Majesty's Government and the other creditor Governments have taken note of the Nigerian Government's expressed intention to bring deferred payments in general up to date by the end of 1989, and to pay interest meantime.