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8 Apr 2016

Buhari To Sign Loan Deal With China

President Muhammadu Buhari is expected to sign a loan deal with China during a visit to Beijing next week.
It is part of the Federal Government’s efforts to fund the 2016 budget deficit of more than two trillion Naira.
A Statement by the Special Adviser to the President on Media, Mr Femi Adesina, said that Nigeria and China would sign some bilateral agreements to strengthen their relationship.
In the meantime, the Minister of National Planning and Budget, Senator Udo Udoma, has hinted that the government had commenced discussions with local banks and other international finance institutions such as the World Bank and the China Export-Import Bank on planned borrowings of 1.8 trillion Naira this year.
The Minister said the credit would be used for infrastructure development, noting that the major focus of the 2016 budget was to improve exports.

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