PRESIDENT BUHARI TO BORROW $2 BILLION FROM CHINA

President Muhammadu Buhari will expectedly travel to China on Sunday, April 10, 2016, in order to secure a $2 billion loan facility, reports say.

The Presidency has confirmed the visit and the loan which it says will be used to finance badly-needed infrastructure projects.

It has however not confirmed the figure which was first stated in a report by Chinese TV syndicate, CCTV Africa in February.

A Nigerian government official has also reportedly confirmed the figure to Vanguard.

“The Finance Minister, in the company of the Central Bank Governor, is scheduled to be in China sometime next week to conclude negotiations on the $2 billion loan,” the official said.

Finance Minister, Kemi Adeosun made an initial visit to China in February to commence negotiations for the loan.

The president has confirmed that the visit would help boost the country's infrastructural projects.