Nigeria to borrow $6.926 bn from China, World Bank

Federal Government of Nigeria plans to borrow the sum of $5.926 billion from China and the World Bank Group. This fact is contained in the letter of the President to the National Assembly.
President Muhammadu Buhari wrote to the National Assembly requesting for approval to borrow the sum of $6.926 billion. In the letters written to both the House of Representatives and Senate, the President said the money was needed for modernisation of railway lines, rehabilitation of northeast and expansion of social safety net for Nigerians in this current harsh economic period.
Buhari said that the China’s Export and Import (EXIM) bank has agreed to lend Nigeria about $5.8 billion to modernise the Lagos-Kano railway line – He also said the World Bank has approved around $500million to help Nigeria resettle Internally Displaced Persons (IDPs) in the northeast – World Bank, the President’s letter said, also approved another $500 million for social security for Nigerians in order to end the economic recession.
Buhari in a letter read by the Senate President, Bukola Saraki said $5.8bn would be borrowed from the Chinese Exim bank for the repair of the railway transport sector. He said $1.1b would be taken from the World Bank for the North East geopolitical zone and social security program of his administration.