UPDATE: Buhari Did Not Take A Loan from China, He Signed Investment Deals

The Presidency has finally cleared the air that President Muhammadu Buhari did not sign any loan deal with the Peoples Republic of China during his just-concluded one-week working visit to the country.

Nigerians should now be proud that they have a new president who is not interested in sinking the country into further debts, rather is concerned about negotiating and reaching agreements with countries with huge investment capital to come to Nigeria with their money and technical-know-how:

“There was no loan deal during President Buhari’s visit to China. All that is coming from them are investments into Nigeria.”

Special Adviser to the President on Media, Femi Adesina, gave the clarification in a chat with Punch.

Ahead of Buhari’s trip which started last Sunday, there were false media reports that he would sign a $2bn loan deal with China as the Federal Government sought funds to finance the 2016 budget.

At the conclusion of the visit, the Presidency said Buhari’s trip yielded over $6bn additional investments.

According to the Presidency, “Other agreements undergoing negotiations include a $500m project for the provision of television broadcast equipment and a $25m facility for production of pre-paid smart meters between Mojec International Limited and Microstar Company Limited.

“About 100 Nigerian businesses and 300 Chinese firms participated in the Nigeria-China business forum, which took place a day after President Buhari began his visit to China.”