President Muhammadu Buhari is to travel to China for a $ 2 billion loan. An advance team headed by the finance minister is expected to travel to Negotiate the loan and President Buhari would be on his way in to sign the loan in March, Chinese TV’s website, cctv-africa.com has reported.
According to the report “President Muhamadu Buhari recently presented an ambitious budget to Nigeria’s parliament. At 30 Billion dollars, it is the highest Budget proposal in Nigeria’s history.
“Analysts think Buhari’s administration is attempting to spend its way out of recession by investing a huge chunk of the budget in infrastructure but he doesn’t have access to funds for that.
The deficit stands at $5 billion for now but it could rise up to $15 as Buhari’s administration plans to spend billions on infrastructure and uplifting social service.