Amaechi dismisses National Assembly claims on Chinese loans

The Minister of Transportation, Rotimi Amaechi, has debunked claims by the National Assembly that the amount of indebtedness of the country to foreign countries is tantamount to ceding the country’s sovereignty to other nations, like China.Amaechi spoke when he visited the Idu Train Terminal to inspect passengers’ compliance with the COVID-19 safety measures, on Wednesday.

According to the Minister, the loans being accessed from foreign financial bodies were for infrastructural development with payment stretched across a certain period.

He said an escrow account managed by the Federal Ministry of Finance has been opened, with the Nigerian Railway Corporation (NRC) making monthly payments towards loan repayment.

The minister said he was to appear again before the House of Representatives on August 17, to give insight into the commercial loan agreement signed between Nigeria and Export-Import Bank of China to the tune of 5.3 billion dollars.

“If there were financial institutions within the country that could loan the ministry such enormous sums of money, there would be no need seeking funds across shores,” he said.

He, however, expressed optimism that the project when completed would not only have the capacity to repay the loans but generate revenue for the country.

He added that it would also create employment for the teeming unemployed in the country.