My Government Can’t Turn Down Chinese Loans, Others – Says Buhari, Give Reasons
Buhari says My Government Can’t Turn Down Chinese Loans, Others
President Muhammadu Buhari has said his administration will secure more foreign loans whenever there is a need to do so.
Nigeria has borrowed $2.02 billion as loans from China since 2015 and the country’s debt portfolio from China has risen to $3.40billion as of March 31, 2021.
The President, who defended his government’s decision to source loans from China, made this known during an interview on Channels Television on Wednesday.
Buhari dismissed the fears in some quarters that Nigeria might be plunged into a debt trap.
He asserted that anyone willing to help Nigeria’s infrastructure is welcome.
“We take that (loans) where it is necessary. I told you now of something, what it used to be between Lagos and Ibadan alone; not to talk of the rest of the country,” he said.
“But we got the Chinese to help us in the rail and the roads, how can we turn that down? If we had turned that down, maybe between Lagos to Ibadan, you would have to walk. So the Chinese are welcome, anybody that is prepared to come and help us and our infrastructure to do the roads, the rail and power will be welcomed,” he said.