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Nigerians Very Angry As Govt Moves To Borrow $328 Million From China

Unic Press UK: The plan of the Buhari administration to secure a $328 million (circa £253 million or ₦119 billion) credit facility from the Chinese Exim Bank for technology and telecom infrastructure has been criticized.

In a statement, the Nigerian government had said: “During the 6-day official visit, PMB is expected to join President Xi Jinping to witness the signing of an agreement on the $328m National Information & Communication Technology Infrastructure Backbone Phase 11 (NICTIB 11), between Galaxy Backbone Limited & Huawei Technologies Ltd.”

The loan, which will further deepen Nigeria’s indebtedness to China, and broaden China’s grip on African countries, comes to light as President Muhammadu Buhari is in China, to participate in the 7th Summit of the Forum on China-Africa Cooperation (FOCAC) scheduled to hold in Beijing, the capital city of the Peoples Republic of China, between 3rd and 4th September 2018.

In a terse remark on Facebook, Kalu Aja wrote: “Switzerland gave you $322 million, you shared it to “poor” people. Then you flew to China to borrow $328 million for ICT. Why didn’t you use the Abacha loot for ICT?

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