President Muhammadu Buhari is seeking approval from the National Assembly for a proposal to borrow $5.85bn from China to modernise the country’s rail network.
He has urged the National Assembly in a letter to approve the borrowing because China had a limit on the funds available to African countries from its China Africa Fund.
According to reports, the president wants to sign loan agreements as soon as China approves the project.
He said the loans were part of the Federal Government’s 2016-2018 foreign borrowing plan. The letter stated that China Exim Bank had approved $1.231bn loan to modernise the rail network linking Lagos to Kano and Lagos to Ibadan.
President Buhari said the Chinese government had told him approval of the Lagos-Kaduna railway modernisation project and Lagos-Calabar, a coastal railway project, were imminent.
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