#PMBInChina: Nigeria Offered $6 billion Loan, Signs Currency Swap Deal | Photos 13.04.2016 at 4:58 pm By BellaNaija.com 5 Comments PMBinChina April 13th11According to the Minister of Foreign Affairs, Geoffrey Onyeama China has granted Nigeria a $6 billion loan to fund infrastructural projects. “It won’t need an agreement to be signed; it is just to identify the projects and we access it,” he said. For months, Nigeria has been looking for sources to fund a projected N2.2 trillion ($11.1 billion) deficit in the 2016 Budget, as the president plans to triple capital spending in the 2016 fiscal year. According to Reuters, Nigeria also entered a currency swap deal with China as the Industrial and Commercial Bank of China Ltd (ICBC), the world’s biggest lender, and Nigeria’s central bank signed a deal on yuan transactions. According to Lin Songtian, Director General of the African Affairs Department of China’s foreign ministry, “It means that the renminbi (yuan) is free to flow among different banks in Nigeria, and the renminbi has been included in the foreign exchange reserves of Nigeria” See more photos of the President today in China. President Buhari met with Zhang Dejiang, Chairman Standing Committee of the National People's Congress of China PMB today met with Zhang Dejiang, Chairman Standing Committee of the National People’s Congress of China President Buhari met with Zhang Dejiang, Chairman Standing Committee of the National People's Congress of China President Buhari today visited the China Aerospace Science Technology Corporation Centre in Beijing PMB today visited the China Aerospace Science Technology Corporation Centre in Beijing PMBinChina April 13th10 PMBinChina April 13th3 PMB and Power, Works & Housing Min Tunde Fashola today at the China Aerospace Science Technology Corporation Centre PMB and Power, Works & Housing Min Tunde Fashola today at the China Aerospace Science Technology Corporation Centre PMB commissions the new residence of the Nigerian Ambassador to China PMB today commissioned the new residence of the Nigerian Ambassador to China President Buhari today met with the Nigerian Community in China, at the Nigerian House in Beijing PMB today met with the Nigerian Community in China, at the Nigerian House in Beijing PMBinChina April 13th7 PMB within the Forbidden City in the centre of Beijing PMB within the Forbidden City in the centre of Beijing PMB at the Forbidden City - China's Ming - Qing Dynasties: 1420-1912 Imperial Palace PMB at the Forbidden City – China’s Ming – Qing Dynasties: 1420-1912 Imperial Palace PMB signs the Special Visitors' Book At the Forbidden City - former Chinese Imperial Palace PMB signs the Special Visitors’ Book at the Forbidden City – former Chinese Imperial Palace Photo Credit: twitter.com/NGRPresident | twitter.com/geoffreyonyeama BellaNaija.com About BellaNaija.com Living & Celebrating the African Dream! Catch all the Scoop on www.bellanaija.com Follow us Twitter: @bellanaija Facebook: @bellanaija Instagram: @bellanaijaonline Comment 5 FacebookTwitterPinterest Tagged With: #PMBINCHINAFiled Under: News « Enter Your Dance Crew for the #RemyMartinDanceoff 2016 Now! Win a Trip to Abu Dhabi & 2 Million Naira Aliko Dangote, Donald Duke, 2Baba, Seyi Tinubu, Chika Ike, Dolapo & Gbite Sijuwade & More at Cecil Hammond’s 40th Birthday » Related Posts PMB and Xu Shaoshi, Chair of National Reform & Development Comm, at Opening Ceremony of China-Nigeria Business Forum #PMBInChina: Buhari Directs ... 5 Comments on #PMBInChina: Nigeria Offered $6 billion Loan, Signs Currency Swap Deal | Photos j’suis belle April 13, 2016 at 5:08 pm as dis chinese people don dash us abi borrow us money now,y’all better be ready for thier invasion becos when they say they come to observe they bring all thier generations Love this! 1 Reply Daizzy April 13, 2016 at 5:20 pm LMAO!!! Too funny but true! But think about it, would it be such a bad idea? Chinese people are very industrious. Love this! 0 Reply keke driver April 13, 2016 at 5:17 pm Someone should please “borrow” buhari sense bikonu. Love this! 0 Reply Alamutu Azeez April 13, 2016 at 5:23 pm And all we keep doing is borrowing more funds, why not look inward for funds rather than putting the generation yet unborn into debts…… Love this! 0 Reply May April 13, 2016 at 5:26 pm But why take all these loans? I’m sure one politician or few politicians in Nigeria have triple the amount and will have enough if they loan Nigeria the money. Why can’t they start with that? Shebi they keep saying they are in power to make change. #ImpossibleIknowButJustSaying I hope the loan is put to good use sha! 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According to the Minister of Foreign Affairs, Geoffrey Onyeama China has granted Nigeria a $6 billion loan to fund infrastructural projects. “It won’t need an agreement to be signed; it is just to identify the projects and we access it,” he said.

For months, Nigeria has been looking for sources to fund a projected N2.2 trillion ($11.1 billion) deficit in the 2016 Budget, as the president plans to triple capital spending in the 2016 fiscal year.

According to Reuters, Nigeria also entered a currency swap deal with China as the Industrial and Commercial Bank of China Ltd (ICBC), the world’s biggest lender, and Nigeria’s central bank signed a deal on yuan transactions. According to Lin Songtian, Director General of the African Affairs Department of China’s foreign ministry, “It means that the renminbi (yuan) is free to flow among different banks in Nigeria, and the renminbi has been included in the foreign exchange reserves of Nigeria”

See more photos of the President today in China.