According to recent reports, the Nigerian federal government's lending from China grew by 209.15% under the APC-led government headed by Major General Muhammadu Buhari (retired). This is because total bilateral loans increased by 219.91% from $1.58 billion in June 2015 to $5.07 billion in December 2022. China's total loans are said to have increased from $1.39 billion dollars in the reporting period to $4.29 billion.

Complementing the available data from the Debt Management Bureau, it was found that Chinese loans constitute 84.73% of the total amount Nigeria owes to other countries in the world. The remaining 15.27% is distributed between France, Japan, India and Germany.

According to the DMO, China's loans are concessional loans with interest rates of 2.50% per annum, a term of 20 years and a grace period (moratorium) of seven years. As of September 30, 2021, the DMO listed 15 projects financed by Chinese loans in a document titled “Status of China Loans as of September 30, 2021”.

Loans listed include Nigerian Parboiled Rice Processing Plants Project (Federal Ministry of Agriculture and Rural Development), Nigerian Rail Assault Project (Lagos - Ibadan Section), Nigerian Rehabilitation and Modernization Project of Abuja - Keffi - Markurdi Road, Nigeria Supply of Rolling Stock and Depot Equipment for Abuja Light Rail Project and Greater Abuja Water Supply Project in Nigeria. While Nigeria has always tapped into China's well under Buhari, the China-Exim Bank recently rejected an earlier deal to provide Nigeria with a $22.79 billion loan.

The loan was approved by the Senate and House of Representatives on March 5, 2020 and June 2, 2020, respectively, as part of the Federal Government's 2016-2018 External Borrowing Plan. This could have an impact on the Nigerian Railway Modernization Project (Kaduna-Kano Segment) where the contractor (CCECC Nigeria Limited) and the Federal Ministry of Transport are engaging the China Development Bank for a loan of 973.48 million dollars.

Despite the recent tangled up in loan approvals, China lent Nigeria $658.72 million in 2022, according to the DMO report. In 2021, immediate former transport minister Rotimi Amaechi claimed that China had become skeptical about lending money to Nigeria because the National Assembly was investigating the federal government's ability to repay its loan.  Answering questions on Channels Television's Politics Today, Amaechi said the probe was dissuading China from extending further loans to Nigeria. He added that the joint effort of the president and the president of the Senate had stopped the investigation, which he had helped.

However, the unhealthy obsession with all these loans is that ordinary Nigerians hardly feel the impact of relief from economic hardship. Also, the Chinese probably have their own agenda to keep Nigerian money boring. And the politicians who benefit from it will conclude that there is nothing wrong with collecting a loan, even if it doesn't have a positive impact on people. It is true that oil prices between 2015 and 2021 were lower than Nigeria could support. Then it was necessary to take out loans.

Between 2007 and 2014, the price of oil exceeded $100 a barrel. Even then, they weren't high enough to support the economy's demand. So even then the government was borrowing. But that doesn't mean Buhari is a good leader. NO. This is where diversifying the economy and cutting subsidies come into play, as well as fighting corruption, neither of which has been done.