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.
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