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Nigerian govt has repaid $150m out of $2bn Chinese loan — Amaechi

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Minister of Transportation, Rotimi Amaechi, has claimed that the Federal Authorities has repaid as much as $150m out of the $2bn mortgage borrowed from China to assemble rails.

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Amaechi said this whereas answering questions on Channels Tv’s ‘Politics In the present day’ programme on Wednesday.

The minister famous that the President Muhammadu Buhari administration solely borrowed for the Kaduna-Abuja and the Lagos-Ibadan railways.

When requested how a lot of the Chinese language loans obtained that the Federal Authorities has repaid, Amaechi stated, “The proper ministry to reply to that query is the Ministry of Finance; they borrow they usually repay however I believe the final I heard about it, it was between a $100m to $150m compensation that we have now completed up to now within the Kaduna-Abuja.

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“Don’t neglect that we’ve not borrowed any cash but, the one cash we borrowed is in Kaduna-Abuja and Lagos-Ibadan.

“Lagos-Ibadan, what we borrowed is about $1.5bn although it’s not matured for compensation, what has matured for compensation is the Kaduna-Abuja which is being repaid.

“Nigerians suppose we borrow a lot however the one tasks we have now borrowed up to now is the Kaduna-Abuja the place we borrowed $500m and Lagos-Ibadan the place we borrowed $1.5bn. So, that brings the whole mortgage publicity for us within the Ministry of Transport to about $2bn so far as the railway is anxious.”

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