BY SULE TAHIR
The China-Exim Bank has rejected Nigeria’s N10.12trn ($22,798,446,773) loan request earlier approved by the National Assembly.
The rejected loan was intended to fund the Nigerian Railway Modernisation Project’s Kaduna-Kano segment.
However, due to concerns about Nigeria’s ability to repay the loan and the impact of the COVID-19 pandemic on the project, China Exim Bank withdrew its support.
Meanwhile, the House of Representatives, at its plenary on Tuesday, March 28, 2023, has approved the request by the Federal Government to borrow $973,474,971.38 from China Development Bank.
The Chairman House Committee on Rules and Business, Abubakar Fulata, moved a motion for the legislative chamber to amend its resolution granting approval for the failed loan deal.
