Under Major General Muhammadu Buhari, the amount borrowed by the Federal Government from China has increased by 209.15 percent (retd.)
This is because the total amount of bilateral loans increased by 219.91% from $1.58 billion in June 2015 to $5.07 billion in December 2022. Throughout the reviewed period, total borrowing from China increased from $1.39 billion to $4.29 billion.
Chinese loans account for 84.73 percent of the entire debt Nigeria owes to other nations, according to statistics available from the Debt Management Office.
This might have an effect on the Nigerian Railway Modernization Project (Kaduna-Kano segment), where the Federal Ministry of Transportation and the contractor (CCECC Nigeria Limited) are requesting a $973.48 million loan from China Development Bank.