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$500m loan: Jonathan administration, not Buhari entered agreement with China – Amaechi

Amaechi, in a statement on Saturday, said that the $500 million loan was collected during the regime of former president, Goodluck Ebele Azikiwe Jonathan and not in the government of President Muhammadu Buhari.

Minister of Transportation, Rotimi Amaechi has stated that Nigerian government has the capability to pay back loans collected for the construction of rail projects within the stipulated period of 20 years, but that the loan was not collected by the present government as claimed by many. Torixus reports.

Amaechi, in a statement on Saturday, also said that the Chinese government are the only rich country in the world that can give out loans with a very low interest rate of 2.8 percent. And that’s why the last Government proceeded.

“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.

The minister also said that the Nigerian government has paid 96 million Dollars already and will complete the full payment before the next 20 years.

“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.

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