The Nigerian government, with the approval of President Goodluck Jonathan and the Coordinating Minister of Economy, Dr. Ngozi Okonjo-Iweala has borrowed a whopping sum of 1.6 billion U.S. dollars from the government of the People's Republic of China, The World Bank and the African Development Bank.
The borrowing is said to be geared towards expanding the electricity of the country, which is undergoing privatization.
With this, the country's huge debt profile has continued to mount. According to close sources to Aso Rock, the borrowing spree is likely to continue in the present administration.
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