President Buhari heads to China to borrow $2bn

President Muhammadu Buhari will visit China on Sunday to sign a loan infrastructure projects deal worth about $2 billion and the low interest loan is to be deployed to finance the N3 trillion deficit in the budget. Though the exact figure for the loan is yet to be confirmed, the Presidency and Chinese foreign affairs ministry confirmed the visit. The President’s Special Adviser on Media and Publicity, Mr Femi Adesina, who disclosed this in an interview with Reuters, said: “I can’t tell you how much until the day the loan will be signed. Both countries will also be signing some bilateral agreements to strengthen their relationship, that is all I can say for now.” In February, financial and government sources said the loan could be as high as $2 billion, but officials have not provided an update since then. The federal government had said it would raise about $5 billion abroad to cover part of its 2016 budget deficit which could be as high as N3 trillion.
 Read more at: http://www.vanguardngr.com/2016/04/buhari-heads-to-china-to-borrow-2bn/