China - Africa summit: Buhari borrow borrow don put Nigeria debt for N23 trillion

  • Olubunmi Okunnu
  • Broadcast Journalist
Nigeria President Muhammadu Buhari and China President Xi Jinping for 2016

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Many African kontris dey also borrow from China

Nigeria President Muhammadu Buhari collect loan of $328 million from China to take improve di West African kontri telecommunication and IT infrastructure, to add join di $73 billion debt wey di kontri dey owe before.

Dis dey come as President Buhari dey China for six-day visit wia im go also follow join di economic meeting as di current oga of Economic Community of West African States (ECOWAS) to tok money mata wey go benefit im kontri and di region.

For statement wey di Nigerian presidency release last week, dem describe say di loan na between Galaxy Backbone of Nigeria and Huawei Technologies of China to take "develop information and communications technology" according to di plan wey Buhari administration don put down.

Abuja-based Debt Management Office (DMO) record show say debt na $73.2 billion as at June 2018. And with dis new China loan, e go increase reach $73.5 billion wey be like N23 trillion.

For March 2018, director general of DMO Patience Oniha tell tori pipo say di goment dey work on plan to reduce domestic debt and say "... borrow borrow wey we dey do suppose begin reduce in di medium term."

All na for make di economy grow

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Kemi Adeosun for March 2018 defend all di borrow borrow wey di Buhari administration don dey do

But Nigerian pipo no suppose worri say di kontri debt wey dey increase fit make di kontri go back to recession, according to Finance Minister Kemi Adeosun.

"Di borrow borrow na to take fund capital expenditure to grow di economy... wetin di government dey borrow for dey important", tok Adeosun earlier dis year. "Nigerians suppose dey concerned if to say di goment dey borrow money to take pay salary, take travels, do training and oda tins wey fit waste money."

According to di DMO, for March 2016, Nigeria debt na N13.8 trillion.

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Britian no dey do competition wit China