An advance team headed by the finance minister is expected to travel to
Negotiate the loan and President Buhari would travel to China to sign
the loan in March, Chinese TV's website, cctv-africa.com has reported.
According
to the report "President Muhamadu Buhari recently presented an
ambitious budget to Nigeria’s parliament. At 30 Billion dollars, it is
the highest Budget proposal in Nigeria’s history.
"Analysts think
Buhari’s administration is attempting to spend its way out of recession
by investing a huge chunk of the budget in infrastructure but he
doesn’t have access to funds for that. The deficit stands at $5 billion
for now but it could rise up to $15 as Buhari’s administration plans to
spend billions on infrastructure and uplifting social service.
"Nigeria’s
economy has been contracting consistently for more than a year –
Rapidly falling oil prices taking a toll on the economy.Crude oil
accounts for 90% of the country’s exports and 70% of its earnings.
"Development
expert Jayi Gaskia thinks Nigeria needs the loans for immediate
budgetary support but a major bailout could be imminent unless a
resurgence in crude oil prices happens soon.
http://www.dailytrust.com.ng/news/general/buhari-to-travel-to-china-for-2-billion-loan/135109.html#UYsT5Aw0fT83qkkt.99
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