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Nigeria Will Pay Back Loan From China In 20 Years – Amaechi

The Minister of Transportation, Rotimi Amaechi has disclosed that the loan the Nigerian government got from China for the rail projects across the country will be paid back within 20 years. 
 
In a statement released on Saturday August 1, the former Governor of Rivers state disclosed that China is the only country giving out loans with a low interest rate of 2.8 per cent. 

 The statement read; 

“The trade agreement between Nigeria and China, the ministry of transportation does not take loan, everything about loan is directed to the Ministry of Finance, so,  I couldn’t have signed any loan because I don’t take loan.
“What I signed is what is called commercial contract, which is contract between the Federal Government and CCECC as a contractor, the contract between Nigeria and China is usually signed by the ministry of finance.
“Whether is the ministry of finance that signed it or the ministry of transportation, the issue is that nobody will give you loan free of charge.
“There must be an agreement and such agreement must contain some terms, that doesn’t mean that you are signing away the sovereignty of the country, no country will sign out its sovereignty.
“What clause 8 says is, I expect you to pay according to those terms we have agreed, if you don’t pay, don’t throw your immunity on me when I come to collect back the guarantee that was put forward, that is all.
“We are paying the loans. In the same National Assembly sitting, they were told that of the 500million dollars loan, we have paid 96 million dollars already, Nigeria is already paying.
“And the 500 million dollars was not taken by us, it was taken by President Goodluck Jonathan in his term and that clause was there.
“Nigeria has the capacity to pay back for the period of 20 years at 2.8 per cent, which country will give you that loan? Secondly, these loans are not given to us, they are paid directly to the contractors.
“Once they sign that the job has been done, they pay the contractors and that has never happened before and this project are in place. Are they trying to rubbish the fact that there is a railway from Abuja-Kaduna?

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