Nigeria’s loan of $22.8 billion was rejected by Chinese Banks

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The Nigeria loan of $22,798,446,773 which has been approved by the national assembly was rejected by  China-Exim Bank says the house of representatives 


The Chairman of the House Committee on Rules and Business, Abubakar Fulata, stated 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 the National Assembly approved the sum of $22,798,446,773 only under the 2016–2018 Medium Term External Borrowing (Rolling) plan. The House is aware of the communications from the Federal Ministry of Finance requesting approval of modifications to the financing proposal for the Nigerian Railway Modernization Project (Kaduna–Kano segment) occasioned by the COVID–19 pandemic, whereof China Exim Bank withdrew its support to finance the project.”


He added, “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.”

Flag of China and Nigeria

Abubakar therefore, prayed the House to “rescind its decision on the financier and harmonized terms and approve the change of financier from China Exim Bank to China Development Bank.” The lawmakers unanimously granted the prayer.

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