Nigeria Governors Forum (NGF) is seeking President Muhammadu Buhari’s approval for the proposed $4.5 billion loan to be sourced from China for agricultural and rural infrastructure.
The proposed loan has a 20 year repayment term with a five year moratorium.
The forum chairman, Abdulaziz Yari, made this known to the state house correspondents, after briefing President Buhari, at the Presidential Villa, Abuja.
The governor said that Buhari directed the forum to see the finance and budget and planning ministries, as well as the Central Bank of Nigeria to sort out the technical details of the proposed loan.
He explained that the loan which will be provided by Chinese government and People Bank of China, will be used for agricultural projects and purchase equipment such as bulldozers, tractors and irrigation pumps.