DOWNLOAD THE ABN NEWS ALL IN ONE MOBILE APP
Now Available On:
Connect with us

Economy

Chinese Loan: China Can Seize Assets If Nigeria Defaults – Amaechi

Published

on

  • Share
  • Tweet

The Minister of Transportation, Mr. Rotimi Amaechi, has said if Nigeria defaults on loans repayment, China has the right to take over those assets and run them until it recovers its money.

The minister spoke to journalists yesterday at Idu train station in Abuja during a COVID-19 protocol compliance and inspection after rail operation resumed.

The House of Representatives in their probe of Chinese loans to Nigeria found that the agreements ceded Nigeria’s sovereign right on the assets financed by the loans to China if there was payment default.

But Amaechi said: “What the Chinese normally do is that they go after the same asset to recover their money.

So what is wrong with that? You are asking for $5.3bn.

Just give that sovereignty.

Read Also: Woman Chained To Pillar For Ten Hours By Her Husband Rescued In Ebonyi (Photos)

Now for me, the National Assembly in its wisdom thinks that is wrong, then they should tell us how to get the money to build these infrastructures.”

The loan to construct Ibadan to Kano rail is $5.3bn and is being planned.

He said there was nothing wrong with the investigation but that it should not jeopardise the government’s means of raising capital for long-term infrastructure development.

On the Abuja-Kaduna rail service loan, he said the Ministry of Finance, Budget and National Planning has already opened an account where operating surpluses would be deposited monthly to raise money to start the $1.1bn loan repayment.

Daily Trust

 

DANIJOY International School

 

 

 


DISCLAIMER


For publication of your news content, articles, videos or any other news worthy materials, please send to

For Advert and other info, you can call or send a WhatsApp Message to

Facebook Comments
Up Next

Gbadebo Richard: UNIBADAN Student Dies In A Soap-Making Machine In Ibadan

Don't Miss

Woman Chained To Pillar For Ten Hours By Her Husband Rescued In Ebonyi (Photos)

Advertisement
1 Comment

1 Comment

  1. Pingback: Gbadebo Richard: UNIBADAN Student Dies In A Soap-Making Machine In Ibadan | ABN TV

Leave a Reply

Your email address will not be published. Required fields are marked *

Trending

  • CRIME18 hours ago

    COVID-19 Taskforce Members Caught Raping A Girl Inside Their Bus (Photos)

  • Nwodo Nwodo
    POLITICS14 hours ago

    “We Will Join Kanu To Fight For Biafra If South-East Does Not Get Presidency In 2023” – Nwodo

  • Chosen Chosen
    CRIME15 hours ago

    Lord’s Chosen Pastor Allegedly Rapes, Impregnates Teenage Sisters Aged 13 & 15 (Photos)

  • CRIME11 hours ago

    BREAKING! Security Operatives Use Knife, Bottle To Shave Hair Of Peaceful #RevolutionNow Protester (Photos)

  • #BBNaija 2020: Kiddwaya Finally Admits Sleeping With Erica? [VIDEO] #BBNaija 2020: Kiddwaya Finally Admits Sleeping With Erica? [VIDEO]
    ENTERTAINMENT4 hours ago

    #BBNaija 2020: Kiddwaya Finally Admits Sleeping With Erica? [VIDEO]

  • POLITICS13 hours ago

    BREAKING: Edo State Deputy Speaker Impeached After Declaring Support For Ize-Iyamu

  • METRO9 hours ago

    BREAKING: Governor Ikpeazu Fires SEMB Executive Secretary, Ogbonna

  • Foreign13 hours ago

    Woman Stopped At Airport After Husband’s Bones Were Found In Her Luggage