{"id":103928,"date":"2023-03-29T14:21:07","date_gmt":"2023-03-29T13:21:07","guid":{"rendered":"https:\/\/pointblanknews.com\/pbn\/?p=103928"},"modified":"2023-03-29T14:21:07","modified_gmt":"2023-03-29T13:21:07","slug":"china-rejects-buharis-government-n10-1trn-22bn-loan-request","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/exclusive\/china-rejects-buharis-government-n10-1trn-22bn-loan-request\/","title":{"rendered":"China rejects Buhari\u2019s government N10.1trn ($22bn) loan request"},"content":{"rendered":"<div dir=\"auto\" style=\"text-align: justify;\">\n<div dir=\"auto\">The China-Exim Bank has rejected Nigeria\u2019s N10.12trn ($22,798,446,773) loan request earlier approved by the National Assembly.<\/p>\n<p>The rejected loan was intended to fund the Nigerian Railway Modernisation Project\u2019s Kaduna-Kano segment.<\/p>\n<p>However, due to concerns about Nigeria\u2019s ability to repay the loan and the impact of the COVID-19 pandemic on the project, China Exim Bank withdrew its support.<\/p><\/div>\n<div dir=\"auto\">\nMeanwhile, the House of Representatives, at its plenary on Tuesday, March 28, 2023, has approved the request by the Federal Government to borrow $973,474,971.38 from China Development Bank.<\/p>\n<p>The Chairman of the House Committee on Rules and Business, Abubakar Fulata, moved a motion for the legislative chamber to amend its resolution granting approval for the failed loan deal.<\/p><\/div>\n<div dir=\"auto\">\nThe motion was titled \u2018Rescission of the 2016\u20132018 Federal Government External Borrowing (Rolling) Plan.\u2019<\/p>\n<p>Moving the motion, Fulata said, \u201cThe House notes that the 2016\u20132018 Federal Government External Borrowing (Rolling) Plan was approved by the Senate and the House of Representatives on March 5, 2020, and June 2, 2020, respectively.<\/p>\n<p>\u201cThe House recalls that the National Assembly approved the sum of $22,798,446,773 only under the 2016\u20132018 Medium Term External Borrowing (Rolling) plan. The House is aware of the communications from the Federal Ministry of Finance requesting approval of modifications to the financing proposal for the Nigerian Railway Modernisation Project (Kaduna\u2013Kano segment) occasioned by the COVID\u201319 pandemic, whereof China Exim Bank withdrew its support to finance the project.\u201d<\/p>\n<p>He added, \u201cThe House is also aware that to secure funds for the project, the contractor (CCECC Nigeria Limited), in collaboration with the Federal Ministry of Transportation, engaged China Development Bank as the new financier in the sum of $973,474,971.38 only.\u201d<\/p>\n<p>Fulata, therefore, prayed the House to \u201crescind its decision on the financier and harmonised terms and approve the change of financier from China Exim Bank to China Development Bank.\u201d<\/p>\n<p>The lawmakers unanimously granted the prayer.<\/p><\/div>\n<div dir=\"auto\">\nThe House also approved the conditions provided in the harmonised term sheet: Segment \u2013 Kaduna\u2013Zaria\u2013Kano; financier\u00a0 \u2013 China Development Bank; type of loan \u2013 commercial loan; maturity \u2013 15years; currency \u2013 euro; interest rate \u2013 2.7% + 6 months Euribor; commitment fee \u2013 0.4%; and upfront fee \u2013 0.5%.<\/p>\n<p>The Chairman of the House Committee on Treaties, Protocols and Agreements, Nicholas Ossai, who commented after Fulata moved the motion, stated that the Executive arm of the government failed to present details of Nigeria\u2019s commercial agreements with other countries to the National Assembly.<\/p>\n<p>Ossai added, \u201cSecondly, we are now changing from China Exim Bank to China Development Bank, it then means an addition of another agreement. And if we are going to pass this resolution, it then means that members of this honourable House will not see those agreements.<\/p>\n<p>\u201cIt is incumbent and important for the Minister of Finance (Budget and National Planning, Zainab Ahmed), when you are coming (to the National Assembly) on these issues to come with the agreements as agreed with the China Development Bank, so that members can be guided when approving such conditions for this loan. Mr. Speaker, I believe that this motion should be stepped down while we ask the relevant authorities to forward all the agreements as agreed with China Development Bank.\u201d<\/p>\n<p>Speaker of the House, Femi Gbajabiamila, who presided over the session, however, argued that the substantive committees, especially Committee on Transport, had gone through the details.<\/p>\n<p>Ossai, however, insisted that it was an external loan with an international commercial agreement, which falls under the jurisdiction of his committee.<\/p>\n<div class=\"yj6qo\"><\/div>\n<div class=\"adL\"><\/div>\n<\/div>\n<\/div>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>The China-Exim Bank has rejected Nigeria\u2019s N10.12trn ($22,798,446,773) loan request earlier approved by the National Assembly. The rejected loan was intended to fund the Nigerian Railway Modernisation Project\u2019s Kaduna-Kano segment.&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":103929,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-103928","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-exclusive"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>China rejects Buhari\u2019s government N10.1trn ($22bn) loan request - Pointblank News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pointblanknews.com\/pbn\/exclusive\/china-rejects-buharis-government-n10-1trn-22bn-loan-request\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"China rejects Buhari\u2019s government N10.1trn ($22bn) loan request - Pointblank News\" \/>\n<meta property=\"og:description\" content=\"The China-Exim Bank has rejected Nigeria\u2019s N10.12trn ($22,798,446,773) loan request earlier approved by the National Assembly. 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