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Nigeria Will Borrow From Europe Since China No Longer Assists – Amaechi




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The Minister of Transportation, Rotimi Amaechi has said he is surprised to see how Nigerians do complain about money borrowed from China for capital projects.

According to the minister, Nigeria has borrowed only a little money from China when compared with other countries.

Naija News reports that the minister said this during an interview with Guardian.

Amaechi blamed the delays in major projects, including railways, on the inability of the Chinese government to fund them.

He said the government has commenced a search for loan offers in Europe since the Chinese have refused to  continue funding Nigerian projects.

Amaechi expressed hope that Nigeria could get loans from Europe 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 said the Abuja-Itakpe railway is underway, which will link the existing Itakpe-Delta rail line.

He said the link rail would have been completed but for misunderstanding with a Chinese contractor.

Naija News recalls that Senate President Ahmad Lawan had recently declared that those who have labelled the ninth National Assembly as a rubber stamp for the executive arm are mischievous and ignorant.

He stated this in a reaction to the growing level of borrowing by the federal government and the role of lawmakers in approving more external loans.

According to him, they are also not comfortable with the incessant borrowings by the federal government but since the country does not generate enough revenue, they have to look at other means of raising funds.

Lawan made his view known while speaking with journalists on Wednesday, January 12 in Abuja.

The Senate President however added that the government was constantly looking for ways to reduce the loan burden by exploring other means of raising money.

Naija News reports that the latest figures from the Debt Management Office (DMO), put Nigeria’s public debt at N38.01 trillion or $92.63 billion as of Q3 2021.

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