Buhari approves $4.5 billion Chinese loan for 36 states, FCT

President Muhammadu Buhari has directed the Ministries of Finance and Budget and National Planning, and the Central Bank of Nigeria (CBN) to complete the processes that will enable 36 states and the Federal Capital Territory (FCT) benefit from a support loan of $4.5 billion to be facilitated by the People’s Bank of China in cooperation with the Chinese government.

The loan, which would cover the construction of rural earth dams, irrigation as well as machinery and infrastructure has a 20-year repayment term with five years moratorium.

Governor of Zamfara State, Alhaji Abdullaziz Yari, who gave the indication in Abuja yesterday said the $4.5 billion Chinese loan facility is a fallout of President Muhammadu Buhari’s visit to China last year where he engaged the government which showed willingness to support Nigeria.

Yari who fielded questions from State House Correspondents after a meeting with President Buhari yesterday, said Nigeria has already negotiated to drop the initial counterpart funding for the loan, which was 25 per cent to 10 per cent.

The governor explained that President Buhari has given the government’s commitment and the need to engage the ministers of finance, budget and national planning and the Central Bank of Nigeria (CBN) to work out the technical details for the Ministry of Agriculture to make a presentation to the Federal Executive Council (FEC) and to the National Assembly for final approval.

Meanwhile, President Buhari, yesterday in Abuja formally launch the Economic Recovery and Growth Plan (ERGP) 2017-2020.

The Presidency said the decision is in furtherance of the administration’s drive to “sustain and build on the successes so far recorded in tackling corruption, improving security and re-revamping the economy.”

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