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Why Buhari is allowing us take loans - Amaechi Reveals Details

Thompson Nsisongabasi

Oct 02, 2020

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The Minister of Transportation, Rotimi Amaechi, has said President Muhammadu Buhari has approved for Nigeria to take loans.

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Amaechi stated this during a special 60th Independence Anniversary programme on Channels Television on Thursday.

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According to the former Governor of Rivers State, the loans are meant for infrastructural development in several parts of the country.

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"The President (Muhammadu Buhari) allows us to borrow. We are borrowing to develop and things will change,ÔÇØ he said.

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Amaechi explained that when crude oil was sold at $120 per barrel, the total amount needed to develop the railway across the 36 states and the Federal Capital Territory (FCT) was between $35billion to $40billion.

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"It wasn't like this before. We had money to construct this railway. The total fund that we needed to finish the entire railway in the country was about $36billion to $40billion.

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"We had this kind of money when we were selling crude at $110 to $120 per barrel. Now, the money is no longer there,ÔÇØ Amaechi said.

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— Thompson Nsisongabasi

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