$4.5b Chinese loan: Buhari approves for 36 states, FCT

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$4.5b Chinese loan: Buhari approves for 36 states, FCT

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The Ministry of Finance, Budget and National Planning and the Central Bank of Nigeria (CBN) have been directed by the President, Muhammadu Buhari to seal up 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.As stated in the agreement, the loan has a 20-year repayment term with five years moratorium, and would cover the construction of rural earth dams, irrigation as well as machinery and infrastructure. Governor of Zamfara State, Abdullaziz Yari gave the indication in Abuja yesterday that the 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 fielded questions from State House Correspondents after a meeting with President Buhari yesterday and added that Nigeria had 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.

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