Nigeria will borrow from Europe since China no longer helps – Amaechi

Transport Minister Rotimi Amaechi said he was surprised at how Nigerians are complaining about money borrowed from China for investment projects.

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

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

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

He said the government had launched a search for loan offers in Europe since the Chinese refused to continue financing Nigerian projects.

Amaechi expressed hope that Nigeria could get loans from Europe to complete existing projects in the country.

He said: “We’re stuck with a lot of our projects because we can’t get the money. The Chinese no longer fund. So we are now looking for money in Europe.

“And when I look at the money they borrow from other countries and compare it with the money we borrowed, the kind of comments Nigerians make will put you off.”

Amaechi said the Abuja-Itakpe railway is underway, which will link the existing Itakpe-Delta railway line.

He said the link rail would have been completed had it not been for a misunderstanding with a Chinese contractor.

Naija News recalls that the President of the Senate Ahmed Lawan had recently said that those who called the Ninth National Assembly a rubber stamp for the executive arm are mischievous and ignorant.

He said this in reaction to the increasing level of federal government borrowing and the role of lawmakers in approving more foreign loans.

According to him, they are also not comfortable with the relentless borrowing from the federal government but since the country does not generate enough revenue, they have to look for other ways to raise funds.

Lawan made his views known during an interview with reporters on Wednesday January 12 in Abuja.

The Senate Speaker added, however, that the government is constantly looking for ways to reduce the lending burden by exploring other ways to raise funds.

Naija News reports that the latest figures from the Debt Management Office (DMO), put Nigeria’s public debt to 38.01 trillion naira or $92.63 billion in the third quarter of 2021.

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Mary I. Bruner