President Muhammadu Buhari will visit China on
Sunday to sign a loan infrastructure projects deal
worth about $2 billion and the low interest loan
is to be deployed to finance the N3 trillion deficit
in the budget.
Though the exact figure for the loan is yet to be
confirmed, the Presidency and Chinese foreign
affairs ministry confirmed the visit.
The President’s Special Adviser on Media and
Publicity, Mr Femi Adesina, who disclosed this in
an interview with Reuters , said: “I can’t tell you
how much until the day the loan will be signed.
Both countries will also be signing some bilateral
agreements to strengthen their relationship, that
is all I can say for now.”
In February, financial and government sources
said the loan could be as high as $2 billion, but
officials have not provided an update since then.
The federal government had said it would raise
about $5 billion abroad to cover part of its 2016
budget deficit which could be as high as N3
trillion.
Lu Kang, Chinese foreign ministry spokesman,
had earlier said Buhari would visit China from
April 11-15 to sign “cooperation agreements” and
attend a business forum.
When the Finance Minister, Kemi Adeosun,
visited China in February, a Nigerian government
official said the loan deal she agreed on could be
signed by President Muhammadu Buhari.
“The Finance Minister, in the company of the
Central Bank Governor, is scheduled to be in
China sometime next week to conclude
negotiations on the $2 billion loan,” the official
said.
Adeosun had earlier said the country was looking
for a loan with about 1.5 per cent interest.
“We looked at our debt profile and we recognised
that one big problem is interest rate. So, we are
going to try and borrow as far as possible
externally.
“We are borrowing at the cheapest rates. So,
multilateral loans are the cheapest. If someone
offers me 1.5 per cent over 20 years, I think I
should take it.
"That is why we are going to the multilateral
agencies first and, thereafter, concessional
borrowing and also tap into the Eurobond
market,” the minister had said at a KPMG forum
in Lagos. http://www.vanguardngr.com/2016/04/buhari-heads-to-china-to-borrow-2bn/

Junketeer-in-chief of the federal republic of Nigeria, continue what U know how to do best

Even before passing the budget?? I think we are in for it. KEMI adeosun need to barb her hair fornfreah ideas. Okonjo iweala is the answer

All we are saying: use the loan judiciously. Journey mercies to Mr Prezy.

Ah!! Without signing the budget? I don die

wait you wan borrow money without signing budget,abeg make una pay them back nor come put us for debt,

Wetin happen to all the savings dem dey claim say dem don save?

Go and Come back with Goodies by the Grace of God

Hab24:
President Muhammadu Buhari will visit China on
Sunday to sign a loan infrastructure projects deal
worth about $2 billion and the low interest loan
is to be deployed to finance the N3 trillion deficit
in the budget.
Though the exact figure for the loan is yet to be
confirmed, the Presidency and Chinese foreign
affairs ministry confirmed the visit.
The President’s Special Adviser on Media and
Publicity, Mr Femi Adesina, who disclosed this in
an interview with Reuters , said: “I can’t tell you
how much until the day the loan will be signed.
Both countries will also be signing some bilateral
agreements to strengthen their relationship, that
is all I can say for now.”
In February, financial and government sources
said the loan could be as high as $2 billion, but
officials have not provided an update since then.
The federal government had said it would raise
about $5 billion abroad to cover part of its 2016
budget deficit which could be as high as N3
trillion.
Lu Kang, Chinese foreign ministry spokesman,
had earlier said Buhari would visit China from
April 11-15 to sign “cooperation agreements” and
attend a business forum.
When the Finance Minister, Kemi Adeosun,
visited China in February, a Nigerian government
official said the loan deal she agreed on could be
signed by President Muhammadu Buhari.
“The Finance Minister, in the company of the
Central Bank Governor, is scheduled to be in
China sometime next week to conclude
negotiations on the $2 billion loan,” the official
said.
Adeosun had earlier said the country was looking
for a loan with about 1.5 per cent interest.
“We looked at our debt profile and we recognised
that one big problem is interest rate. So, we are
going to try and borrow as far as possible
externally.
“We are borrowing at the cheapest rates. So,
multilateral loans are the cheapest. If someone
offers me 1.5 per cent over 20 years, I think I
should take it.
"That is why we are going to the multilateral
agencies first and, thereafter, concessional
borrowing and also tap into the Eurobond
market,” the minister had said at a KPMG forum
in Lagos. http://www.vanguardngr.com/2016/04/buhari-heads-to-china-to-borrow-2bn/

Was it not last week the presidency told Nigerians that they want to pump 3trillion into Nigeria economy, while borrowing again to finance budget?

so what happened to $90bn returned by former petro minister and $200bn from dubai?

myola:
so what happened to $90bn returned by former petro minister and $200bn from dubai?

media trials.

I give up on his man.



God only you can give us the change we want

I look up to you

.$$$...

Loan? I wonder if this administration is not confused. critically evaluate what we are false to believe with facts on ground you we agree with me that Nigerian own Jonathan apology.

Is Buhari the minister of foreign affairs too?

Ajala the wanderer, President wakanow. It seems aso rock is now a haunted house.