Special Adviser to the President on Media, Femi Adesina, has disclosed that President Muhammadu Buhari will next week, sign a loan deal with the People’s Republic of China for the purpose of bridging the huge N2 trillion budget deficit.
The President is expected embark on a state visit China next week.
The budget which President Buhari submitted to the National Assembly in the last quarter of 2015 has a deficit of N2.2tn which is to be financed through the borrowing of N1.84tn made up of domestic borrowing of N984bn and foreign borrowing of N900bn.
“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 now.”
However, a report says contrary to the expectancy of Nigerians that the loan will be used to finance infrastructure of domestic firms, instead it will be used to fund the Chinese projects in the Nigeria.
Curated from Punch