Rotimi Amaechi, the Minister of Transportation, claims that the Federal Government has repaid up to $150 million of a $2 billion loan to China for rail construction.
On Wednesday, Amaechi claimed this while responding to questions on Channels Television’s “Politics Today” program.
President Muhammadu Buhari’s administration only borrowed for the Kaduna-Abuja and Lagos roads, according to the ministry.
When asked how much of the Chinese loans the Federal Government has repaid, Amaechi said, “The right ministry to respond to that question is the Ministry of Finance; they borrow and they repay, but I think the last I heard about it, it was between a $100 million and $150 million repayment that we have done so far in the Kaduna-Abuja region.”
“Remember, we haven’t borrowed any money yet; the only money we’ve borrowed is for the Kaduna-Abuja and Lagos-Ibadan routes.
“We borrowed roughly $1.5 billion for Lagos-Ibadan, but the loan hasn’t matured for repayment; what has matured for repayment is the Kaduna-Abuja, which is being repaid.
“Nigerians believe we borrow a lot, yet the only projects we’ve borrowed money for are Kaduna-Abuja ($500 million) and Lagos-Ibadan ($1.5 billion).” As a result, in terms of the railway, our overall debt exposure at the Ministry of Transport is around $2 billion.”