By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Daily Report NigeriaDaily Report NigeriaDaily Report Nigeria
Notification Show More
Font ResizerAa
  • HOME
  • NEWS
  • POLITICS
  • METRO
  • ENTERTAINMENT
  • SPORTS
  • FACT FILE
  • SPECIAL REPORT
Reading: China Rejects Nigeria’s $22bn Loan Request
Share
Font ResizerAa
Daily Report NigeriaDaily Report Nigeria
  • METRO
  • NEWS
  • POLITICS
  • SPECIAL REPORT
  • FACT FILE
Search
  • HOME
  • NEWS
  • POLITICS
  • METRO
  • ENTERTAINMENT
  • SPORTS
  • FACT FILE
  • SPECIAL REPORT
Have an existing account? Sign In
Follow US

Home | China Rejects Nigeria’s $22bn Loan Request

News

China Rejects Nigeria’s $22bn Loan Request

Juliet Amaka
Juliet Amaka
Published: June 15, 2025
Last updated: June 15, 2025
3 Min Read
Share
China Rejects Nigeria's $22bn Loan Request | Daily Report Nigeria
SHARE

The House of Representatives has approved a counter request for a loan of $973,474,971.38 after the Federal Government’s request for a $22.7 billion loan from China Development Bank was rejected.

The rejected loan was intended to fund the Nigerian Railway Modernisation Project’s Kaduna-Kano segment.

However, due to concerns about Nigeria’s ability to repay the loan and the impact of the COVID-19 pandemic on the project, China Exim Bank withdrew its support.

ATTENTION: Click “HERE” to join our WhatsApp group and receive News updates directly on your WhatsApp!

Abubakar Fulata, the Chairman of the House Committee on Rules and Business, proposed a motion to amend the legislative chamber’s previous resolution, which had approved an unsuccessful loan deal.

The motion, titled ‘Rescission of the 2016-2018 Federal Government External Borrowing (Rolling) Plan,’ was based on the fact that the plan had already been approved by the Senate and the House of Representatives on March 5, 2020, and June 2, 2020, respectively.

Fulata reminded the House that the National Assembly had approved $22,798,446,773 for the 2016-2018 Medium Term External Borrowing (Rolling) plan.

He said,

“The House recalls that the National Assembly approved the sum of $22,798,446,773 only under the 2016–2018 Medium Term External Borrowing (Rolling) plan.

“The House is aware of the communications from the Federal Ministry of Finance requesting approval of modifications to the financing proposal for the Nigerian Railway Modernisation Project (Kaduna–Kano segment) occasioned by the COVID–19 pandemic, whereof China Exim Bank withdrew its support to finance the project.”

“The House is also aware that to secure funds for the project, the contractor (CCECC Nigeria Limited), in collaboration with the Federal Ministry of Transportation, engaged China Development Bank as the new financier in the sum of $973,474,971.38 only.” He added

Fulata therefore, prayed the House to “rescind its decision on the financier and harmonised terms and approve the change of financier from China Exim Bank to China Development Bank.”

The lawmakers unanimously granted the prayer.

The House of Representatives also gave its approval for the conditions outlined in the harmonised term sheet, which includes the following details: the segment covered by the loan is Kaduna-Zaria-Kano; the financier is China Development Bank; the loan is a commercial loan; the maturity period is 15 years; the currency is the euro; the interest rate is 2.7% plus 6 months Euribor; the commitment fee is 0.4%; and the upfront fee is 0.5%.

For publication of Press Releases, Statements, and Advert Inquiries, send an email to info@dailyreport.ng
TAGGED:FGHouse of Representatives
Share This Article
Facebook Whatsapp Whatsapp Telegram Email Copy Link
Leave a Comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Latest Updates

CBN Speaks on Plans to Revoke Licenses of Fidelity, Wema, Polaris, Unity Banks
Nigeria’s External Reserves Projected to Hit $41bn by December Amid Naira Gains
Business
Club World Cup: PSG Humble Madrid 4–0 to Book Final Clash With Chelsea | Daily Report Nigeria
Club World Cup: PSG Humble Madrid 4–0 to Book Final Clash With Chelsea
Sports
Nigeria’s Oil Rig Count Hits 46 in July 2025 – NUPRC | Daily Report Nigeria
Nigeria’s Oil Rig Count Hits 46 in July 2025 – NUPRC
Business
3 Teenagers Remanded For Causing Nuisance Around Wike’s Abuja Residence
FCTA Deploys Task Force Against Beggars, Scavengers and ‘One-Chance’ Syndicates in Abuja
News
ADC Unveils Names of Party Chairmen Across 36 States | Daily Report Nigeria
ADC Unveils Names of Party Chairmen Across 36 States
Politics

TOPIC

2023 Elections Abuja Accident AFCON Anambra APC Arrest ASUU ASUU Strike Atiku Abubakar Bandits Bayelsa BBNaija Biafra Boko Haram Bola Ahmed Tinubu Bola Tinubu Breaking News Breaking News Nigeria Burna Boy Burutu CBN Celebrity news Chelsea Coronavirus court covid-19 Crime Daily Report Ng Daily Report Nigeria Daily Sports News Davido Delta Delta state DSS Education EFCC Elections English Premier League EPL Family federal government FG FIFA World Cup Football Fraud Godwin Emefiele Goodluck Jonathan Governor Nyesom Wike Gunmen Health Ifeanyi Okowa Imo INEC Insecurity IPOB IYC JAMB Kaduna Kidnap Labour Party Lagos Lagos State Manchester United Marriage Muhammadu buhari Music NASS NDDC NDLEA Niger Delta Nigeria NLC Nnamdi Kanu NNPC Nollywood Nyesom Wike Olusegun Obasanjo Pastor PDP Peter Obi Police Politicians President Bola Ahmed Tinubu President Muhammadu buhari Professor Yemi Osinbajo Protest Rape Reno Omokri Rivers State Senate Sheriff Oborevwori Social Media Suicide Super Eagles Tinubu Top Stories Twitter Victor Osimhen Zamfara

You Might Also Like

BREAKING: Ukraine, Russia to Hold Another Round of Peace Talks

June 15, 2025
Fuel Scarcity: We Have Enough Product in Stock – NNPC | Daily Report Nigeria
News

Fuel Scarcity: We Have Enough Product in Stock – NNPC

June 13, 2025
NIS Arrests 303 Suspected Illegal Migrants In Akwa Ibom | Daily Report Nigeria
News

NIS Arrests 303 Suspected Illegal Migrants In Akwa Ibom

June 15, 2025
Cross River's Peaceful Conduct Of Local Government Elections | Daily Report Nigeria
News

Cross River’s Peaceful Conduct Of Local Government Elections

June 14, 2025
© Daily Media N Publishing LTD. All Rights Reserved.
  • Home
  • About Us
  • Adverts With Us
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?