FG to obtain more loans from China

54

The federal government has revealed plans to take more loans from China in a bid to extend rail services to more states in the country.

The Minister of Transportation, Rotimi Amaechi, said this yesterday when he featured on Arise TV’s Morning Show, a week after he said the government would get credit from Standard Chartered Bank and not China.

Amaechi did not mention the amount the government is seeking but said the federal government has already begun negotiations.

Nigeria owed China 3.4 billion dollars as of March 31, according to the Debt Management Office. The amount covers 11 loan facilities from the China Exim Bank since 2010.

Last week, the government disclosed its intention to source funding to develop two key rail lines, and said the funding will come from Standard Chartered Plc and not China.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

eleven + nine =

This site uses Akismet to reduce spam. Learn how your comment data is processed.