Chinese Bank Rejected Nigeria’s Loan Request Of Just $22.8 Billion — House Of Reps

The House of Representatives has revealed that the China-Exim Bank rejected Nigeria’s $22.8 billion loan request earlier approved by the National Assembly.

The Chairman of the House Committee on Rules and Business, Abubakar Fulata, stated this on Tuesday after the House approved the loan request by the Federal Government to borrow $973,474,971.38 from China Development Bank.

The House recalls that $22,798,446,773 was approved only under the 2016–2018 Medium Term External Borrowing (Rolling) plan.

Fulata said, “The House is also aware that to secure funds for the project, the contractor (CCECC Nigeria Limited) in collaboration with the Federal Ministry of Transportation engaged China Development Bank as the new financier in the sum of $973,474,971.38 only.”

Fulata, therefore prayed the House to “rescind its decision on the financier and harmonised terms and approve the change of financier from China Exim Bank to China Development Bank.”

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