Nigerian govt has repaid $150m from Chinese loan —Amaechi

The Minister of Transportation, Rotimi Amaechi, said on Wednesday the Federal Government has paid $150 million out of the $2 billion loan taken from China for railway projects in the country.

He said the $150 million represents 7.5 percent of the entire loan.

The minister disclosed when he featured in a Channels Television’s programme, ‘Politics Today.

Amaechi said contrary to claims by the opposition the federal government only took loans from China for the Kaduna-Abuja and the Lagos-Ibadan railways.

He stressed that the government has commenced the repayment of loan for the Kaduna-Abuja rail project.

READ ALSO: If Chinese loan was toxic, why did you approve it? Amaechi hits at lawmakers

“The right ministry to respond to the question on repayment is the Ministry of Finance. They borrowed and repaid. But I think the last I heard about it, it was between a $100m to $150m repayment that we have done so far in the Kaduna-Abuja.

“Don’t forget that we have not borrowed any money yet, the only money we borrowed is in the Kaduna-Abuja and Lagos-Ibadan. Lagos-Ibadan, what we borrowed is about $1.5bn though it has not matured for repayment, what has matured for repayment is the Kaduna-Abuja which is being repaid.

“Nigerians think we borrow so much but the only projects we have borrowed so far is the Kaduna-Abuja where we borrowed $500m and the Lagos-Ibadan where we borrowed $1.5bn. So, that brings the total loan exposure for us in the Ministry of Transport to about $2bn as far as railway is concerned.”

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