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Chinese Bank Rejects FG’s $22bn Loan Request

 

The House of Representatives has disclosed that the China-Exim Bank rejected Nigeria’s $22,798,446,773 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.

Fulata moved a motion titled ‘Rescission of the 2016–2018 Federal Government External Borrowing (Rolling) Plan’, for the legislative chamber to amend its resolution granting approval for the failed loan deal.

Moving the motion, Fulata said, “The House notes that the 2016–2018 Federal Government External Borrowing (Rolling) Plan was approved by the Senate and the House of Representatives on March 5, 2020, and June 2, 2020, respectively.

 

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