Without loans, there will be no development —Amaechi

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The Minister of Transportation, Rotimi Amaechi, said on Saturday the Federal Government had the capability to repay loans obtained from the Chinese government within the stipulated period of 20 years.

In a statement issued in Abuja, the minister said China was the only country in the world giving out loans with a low interest rate of 2.8 percent.

He said no country in the world would give out a loan without a guarantee to pay back such loans.

Amaechi said: “The trade agreement between Nigeria and China, the ministry of transportation does not take a loan, everything about the 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 a commercial contract, which is a contract between the Federal Government and Chinese Civil Engineering and Construction Company (CCECC) as a contractor. The contract between Nigeria and China is usually signed by the ministry of finance.

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