Standup9ja: Govs seek Buhari’s approval for N1.3tr Chinese
loan
The Nigerian Governors Forum (NGF) yesterday sought
President Muhammadu Buhari’s approval on a $4.5bn (about N1.37tr) Chinese loan
for agricultural and rural infrastructure in states and the Federal Capital
Territory.
Buhari, however, asked the forum to get in touch with the
Ministry of Budget and National Planning, the Ministry of Finance and the
Central Bank of Nigeria (CBN) “to sort out all the technical details and move
on with it.”
The loan, to be provided by the Chinese government, in
conjunction with the People’s Bank of China, would be spent on rural
infrastructure and such agricultural machinery as tractors, bulldozers,
irrigation pumps, among others.
NGF Chairman and Zamfara State Governor Abdulaziz Yari, who
briefed Buhari on the credit facility, told State House correspondents that the
Chinese government had last year during Buhari’s visit expressed willingness to
support Nigeria.
“The loan has a 20-year repayment term with a five-year
moratorium. Initially, we started negotiations to drop a counterpart funding of
25%, but understanding the economy of Nigeria, we negotiated to give a
counterpart funding of 10% which we believe Nigeria can do and we’re targeting
the natural resources fund from the counterpart funding. We’re now speaking
with the Chinese group and the committee that was set up by the Ministry of
Agriculture and Rural Development.
“So, we have now come to a stage where the president needs
to come in so that he can give us a leadership role and a kind of approval of a
certain level so that we can forge ahead”, Yari said.
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