Amaechi Appeals To NASS To Complete $5.3bn Loan From China

The Minister of Transportation, Rotimi Amaechi, on Saturday appealed to the National Assembly to halt its questioning of Nigeria’s loan agreement with China.

Mr Amaechi said questions from the National Assembly is likely to deter China from extending credit to the country, especially the $5.3bn required for the Ibadan-Kano railway.

He made the remarks during an inspection tour of the Lagos-Ibadan standard gauge rail project which is being primarily financed by Chinese banks.

“They are not investigating corruption in construction,” Mr Amaechi said. “We want the National Assembly to allow us to get the loan for Ibadan to Kano, which is about $5.3bn.

“If you are telling the man who lent you money you don’t like the way he lent you, he won’t lend you any further.

“For this one (Lagos-Ibadan rail project), we have $1.6bn for which we are contributing about $200 and $300 million. But don’t forget, they have not finished paying, they can stop at any time.”

The House of Representatives had raised an alarm about the nature of loans received from China which, it said, puts the country’s sovereignty into question in the case of a re-payment default.

However, Mr Amaechi has insisted the loans, which are primarily spent on capital projects built by Chinese companies, will benefit the country.

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