President to travel to China in March over $2bn loan

monjola sotubo

February 24, 2016 4:50 PM

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.

President Muhammadu Buhari

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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