Federal Government $22bn Loan Request Rejected by Chinese Bank.

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On Tuesday, the House of Representatives accepted the federal government’s proposal to borrow $973,474,971.38 from the China Development Bank.

This came after the China-Exim Bank decided to deny Nigeria’s request for a loan of $22,798,446,773 that had previously been authorized by the National Assembly.

China-Exim bank rejects FG’s request for a $22.8 billion loan Femi Gbajabiamila, Speaker of the House, who oversaw the meeting, countered that the substantive committees, particularly the Committee on Transportation, had gone through the specifics.

Ossai claimed that it was an external loan accompanied by an international business agreement and that his committee has jurisdiction over such loans. The Senate gave its approval to the proposal to postpone until June 30, 2023, the implementation of the capital portion of the 2022 Appropriations Act.

Punch

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