Hon. Rotimi Amaechi, Minister of Transportation, disclosed on Thursday, October 1, 2020 – Nigeria Independence Day, that President Muhammadu Buhari has given the go-ahead for Nigeria to take loans.He revealed that, the loans were being applied for, to boost and advance infrastructural development in several parts of the country.
Amaechi said, ‘ The President allows us to borrow and we are borrowing to develop and things will change. The Minister who spoke on the rail transportation projects across the states claimed that Nigeria had enough money from the excess crude oil account before President Buhari’s administration in 2015. He attested that when the price of crude oil was at $120 per barrel, the aggregate amount meant to develop the nation’s railway across the 36 states and the FCT was around $35 to $40billion, but this has changed given the global economic changes.
He said, ‘It wasn’t like this before. We had money to construct this railway. The total fund that we needed to complete the entire railway in the country was about $36 to $40billion. We had this kind of money when we were selling crude at $110 to $120 per barrel. Now, the money is no longer there.’
However, while restating the Federal Government’s commitment to delivering highly commendable projects for infrastructural developments, the minister implored Nigerians to be patient and accord them more time.
He affirmed the railway and other logistics channels in dealing with economic development, providing for the much-needed comfort and well-being of the people.