President Muhammadu Buhari will take a trip to China in March for the purpose of securing a $2 billion loan.
Buhari
will expectedly travel to the Asian country after the necessary
negotiations for the loan have been completed by Finance Minister, Kemi Adeosun during an earlier visit.
This was disclosed via a report published on the website of Chinese TV syndicate, CCTV Africa.
The report reads:
“An
advance team headed by the finance minister is expected to travel to
negotiate the loan and President Buhari would travel to China to sign
the loan in March.”
“President Muhamadu Buhari
recently presented an ambitious budget to Nigeria’s parliament. At 30
Billion dollars, it is the highest Budget proposal in Nigeria’s
history.”
“Analysts think Buhari’s administration
is attempting to spend its way out of recession by investing a huge
chunk of the budget in infrastructure but he doesn’t have access to
funds for that.”
“Development expert Jayi Gaskia
thinks Nigeria needs the loans for immediate budgetary support but a
major bailout could be imminent unless a resurgence in crude oil prices
happens soon.”
Buhari is currently in Saudi Arabia on an official visit.
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