Why Nigerian govt took Chinese loans – Buhari

President Muhammadu Buhari has said that his government took loans from China because the Asia country was willing to help Nigeria’s infrastructure.

Buhari said this on Wednesday during an interview with Channels Television while defending his government’s decision to source loans from China.

According to him, anybody that is prepared to come and help Nigeria’s infrastructure to do the roads, rail and power will be welcomed.

Recall that according to data from the Debt Management Office, Nigeria has borrowed $2.02 billion as loans from China from 2015 and the nation’s debt portfolio from China has risen to $3.40bn as of March 31, 2021.

“We take that (loans) where it is necessary. I told you now of something, what it used to be between Lagos and Ibadan alone, not to talk of the rest of the country,” Buhari said.

“But we got the Chinese to help us in the rail and the roads, how can we turn that down? If we had turned that down, maybe between Lagos to Ibadan, you will have to walk.