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Why We Took Chinese Loans-President Buhari

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President Muhammadu Buhari has explained why Nigeria took loans from China.

Lovetvnews Nigeria reports that according to data from the Debt Management Office, Nigeria borrowed $2.02 billion in loans from China…

President Buhari has said that his government obtained loans from China because the Asian country was eager to assist Nigeria’s infrastructure.

Buhari said this in an interview with Channels Television on Wednesday, defending his government’s decision to seek loans from China.

This online news medium gathered that President Buhari stated that anyone willing to come and help Nigeria’s infrastructure, such as roads, rail, and power, will be welcomed.

According to data from the Debt Management Office, Nigeria borrowed $2.02 billion in loans from China beginning in 2015, and the country’s debt portfolio from China has grown to $3.40 billion as of March 31, 2021.

“We take that (loans) where it is necessary.” “I told you about something, what it used to be between Lagos and Ibadan alone, let alone the rest of the country,” Buhari said.

“But we got the Chinese to help us with the rail and roads; how can we turn that down?” If we declined, you might have to walk from Lagos to Ibadan.

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