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Nigeria seek fresh loan from China, Portugal and Turkey

Nigeria seek fresh loan from China, Portugal and Turkey
President Muhammadu Buhari

The federal government of Nigeria led by President Muhammadu Buhari is seeking a fresh loan from financial  institutions in China, Portugal and Turkey.

The loan is needed to complete ongoing rail projects across the country, said Mu'azu Jaji Sambo, the Minister of Transportation.

Sambo who disclosed this on Thursday at a meeting with Joint National Assembly Committee on Land and Marine Transport, said the concerned railways are the Kaduna-Kano, Port Harcourt to Maiduguri and Kano-Maradi segments.

He said, “The ministry hopes that the Federal Ministry of Finance concludes negotiation of the loans with infrastructure development finance institutions of the Chinese, Portuguese and Turkish origin to implement the projects.

“To ensure finalizing and signing of the loan agreements, evidence of source of funding of the balance of the advance payment and other aspects of work to be financed directly by the federal government has to be made available to these financial institutions through adequate budgetary provisions in the year 2023 budget and subsequent budgets."
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