Photo: Daily NewsPresident Muhammadu Buhari seeks approval to borrow a total of $5.851 billion from China to fund Nigeria’s railway projects (file photo). President Muhammadu Buhari on Wednesday, again sought the approval of the National Assembly for the federal government to secure about $6.4 billion dollar loans from the World Bank and China to fund infrastructural objectives across the country and combat polio outbreak in the North-East. In a letter separately read by Senate President Bukola Saraki and the Speaker of the House of Representatives, Yakubu Dogara, Mr. Buhari sought approval to borrow a total of $5.851 billion from China to fund Nigeria's railway projects. "The China government has also informed us that the approval of the Lagos-Kano railway modernisation project, Kano-Kaduna segment and coastal railway project, the Lagos-Calabar segment are imminent. "China Exim supported projects; Lagos-Kano modernisation projects, Lagos-Ibadan segment $1.231 billion; Lagos-Kano railway modernisation project, Kano-Kaduna segment $1.146 billion and coastal railway project, the Lagos-Calabar segment 3.474 billion, making a total of 5.851 billion.

Source: The North Africa Journal April 26, 2017 14:26 UTC