The Federal Government has turned to the China Development Bank (CDB) seeking a loan of $973.4 billion after the China-Exim Bank rejected its loan application of $22.8 billion.
House of Representatives revealed this after giving the nod to the president's request to approach the China Development bank for the loan.
The motion for the legislative chamber to amend its resolution titled: Rescission of the 2016–2018 Federal Government External Borrowing (Rolling) Plan was moved by the Chairman of the House Committee on Rules and Business, Abubakar Fulata granting approval to the failed commercial deal.