The Minister of Transportation, Mr. Rotimi Amaechi, has said if Nigeria defaults on loans repayment, China has right to take over those assets and run them until it recovers its money.

The minister spoke to journalists yesterday at Idu train station in Abuja during a COVID-19 protocol compliance and inspection after rail operation resumed.

The House of Representatives in their probe of Chinese loans to Nigeria found that the agreements ceded Nigeria’s sovereign right on the assets financed by the loans to China if there was payment default.

But Amaechi said: “What the Chinese normally do is that they go after the same asset to recover their money.

So what is wrong with that? You are asking for $5.3bn.

Just give that sovereignty.

Now for me, the National Assembly in its wisdom thinks that is wrong, then they should tell us how to get the money to build these infrastructures.”

The loan to construct Ibadan to Kano rail is $5.3bn, and is being planned.

He said there was nothing wrong with the investigation but that it should not jeopardise the government’s means of raising capital for long-term infrastructure development.

On the Abuja-Kaduna rail service loan, he said the Ministry of Finance, Budget and National Planning has already opened an account where operating surpluses would be deposited monthly to raise money to start the $1.1bn loan repayment.

Just give that sovereignty.

ursullalinda:
Yet we want to go borrowing knowing fully well that we must default.......How did we settle for this greedy and selfish people as leaders.........they are only after their loot and not what happens after.

pafra:
Guys it's easy to criticis the government. Critically let's look at the situation of Nigeria.

Nigeria is a mono economy that depends on oil. The price have been down since the government came in it means, the amount realize from sells of oil can not finance our budget.

Please as Nigeria that want to see the country better let's list other forms of financing the budget outside borrowing.

Forget hate and let's talk about the nation

So what is wrong with that? You are asking for $5.3bn.

Just give that sovereignty.

pafra:
Guys it's easy to criticis the government. Critically let's look at the situation of Nigeria.

Nigeria is a mono economy that depends on oil. The price have been down since the government came in it means, the amount realize from sells of oil can not finance our budget.

Please as Nigeria that want to see the country better let's list other forms of financing the budget outside borrowing.

Forget hate and let's talk about the nation

Openbusiness4:

Oag this your excuse is a broken record, he no dey play again. Nigerians are more enlightened now to fall for cóck and bull stories

pafra:
Guys it's easy to criticis the government. Critically let's look at the situation of Nigeria.

Nigeria is a mono economy that depends on oil. The price have been down since the government came in it means, the amount realize from sells of oil can not finance our budget.

Please as Nigeria that want to see the country better let's list other forms of financing the budget outside borrowing.

Forget hate and let's talk about the nation

zombieTRACKER:


Buhari and APc mantra before 2015 was diversification... Buhari entered and was using scarce resources to look for oil in lake chad basin.. All the hype about Agricultural reforms was a rouse.. Nothing on ground

Here you are defenfing evil
Buhari has failed
The countrys situation today is a tastament to that