President Muhammadu Buhari wrote to the National Assembly on Wednesday, seeking approval to borrow $6.9bn.
The loan, captured under the Federal Government’s 2016-2018 External Borrowing (Rolling) Plan, is for the execution of key rail projects, the rehabilitation of the North-East and projects in education, agriculture and health sectors.
The Chinese, through the China Eximbank, will provide over $5.8bn of the loan, while the World Bank will make provisions for the balance.
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