President Muhammadu Buhari on Wednesday defended his government’s decision to source loans from China, saying anyone willing to help Nigeria’s infrastructure is welcome.
According to data from the Debt Management Office, Nigeria has borrowed $2.02 billion as loans from China from 2015 and the country’s debt portfolio from China has risen to $3.40bn as of March 31, 2021.
Speaking during an exclusive interview on Channels Television, President Buhari stated that whenever there was a need to secure more foreign loans, his administration would do so.
The Commander-in-Chief equally erased fears in some quarters that Africa’s most populous nation might be plunged into a debt trap.
“We take that (loans) where it is necessary. I told you now of something, what it is used to be between Lagos and Ibadan alone not to talk of the rest of the country,” he 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.
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