Nigeria Borrows $1.1Billion From Loan China
The Federal Government Of Nigeria has borrowed a huge loan in the sum of $1.1 billion from Chinese EXIM Bank.
The loan was secured for the completion of Abuja Light Rail project and for the construction of 4 brand new modern Airport terminals across Nigeria
Here is the breakdown of the secured loan intention:
·
Abuja Light Rail project – $500 million
·
Galaxy Backbone ICT
infrastructure
– $100 million
·
4
Modern Airport terminals design in Abuja,Enugu,Port
Harcourt & Kano – $500 million
The Managing Director
of EXIM Bank, Mr Sun Ping and Nigeria’s finance minister, Ngozi Okonjo-Iweala
signed the loan agreement on behalf of Nigeria on Wednesday Sept 12, 2012.This loan is too much! $1.1 billion = 173,800,000,000 (Over 173 Billions Of Naira)
Abeg make these people no sell Nigeria o.
Let’s wait and see what the outcome is.
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