The Minister of Transportation, Rotimi Amaechi has disclosed that it will take 20 years to repay the loan the Nigerian government got from China for the rail projects across the country. Amaechi stated that the loan is needed to boost infrastructural development across the country and only assets constructed with such loans will be taken back in case there is a default in repayment. In a statement released on Saturday August 1, the former Governor of Rivers state disclosed that China is the only country giving out loans with a low interest rate of 2.8 per cent. “The trade agreement between Nigeria and China, the ministry of transportation does not take loan, everything about loan is directed to the Ministry of Finance, so, I couldn’t have signed any loan because I don’t take loan. “What I signed is what is called commercial contract, which is contract between the Federal Government and CCECC as a contractor, the contract between Nigeria and China is usuall...
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