Rotimi Amaechi, the Minister of Transportation, has expressed amazement at how Nigerians worry about money borrowed from China for capital projects.
In comparison to other countries, Nigeria, according to the minister, has borrowed only a little amount of money from China.
The minister stated this during an interview with the Guardian.
Amaechi blamed the delays in important projects, such as railways, on the Chinese government’s failure to fund them.
He stated that the administration has begun looking for loan proposals in Europe after the Chinese refused to continue sponsoring Nigerian projects.
Amaechi expressed optimism that Nigeria would be able to obtain financing from Europe in order to complete existing projects in the country.
He said: “We are stuck with lots of our projects because we cannot get money. The Chinese are no longer funding. So, we are now pursuing money in Europe.
“And when I look at the money they are borrowing in other countries and compare it with the one we have borrowed, the kind of comments by Nigerians will put you off.”
Amaechi stated that the Abuja-Itakpe railway is under construction, which will connect the current Itakpe-Delta rail line.
He claimed that if not for a misunderstanding with a Chinese contractor, the connection train would have been built.
Senate President Ahmad Lawan recently stated that individuals who have characterized the ninth National Assembly as a rubber stamp for the executive branch are being mischievous and stupid.
He said this in response to the federal government’s increasing borrowing and the role of lawmakers in approving more external loans.
According to him, they are also uneasy about the federal government’s constant borrowings, but because the country does not generate enough revenue, they must look for other ways to get finances.
Lawan expressed his opinion to journalists on Wednesday, January 12 in Abuja.
The Senate President, on the other hand, stated that the administration was continuously looking for methods to decrease the loan burden by investigating alternative sources of funding.
According to InsightnaijaTV, the latest data from the Debt Management Office (DMO) place Nigeria’s public debt at N38.01 trillion, or $92.63 billion, as of the third quarter of 2021.
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