Nigeria will pay back loan from China in 20 years

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Nigeria will pay back loan from China in 20 years - Amaechi

The Minister of Transportation, Rotimi Amaechi has disclosed that the loan the Nigerian government got from China for the rail projects across the country will be paid back within 20 years. 

 

In a statement released on Saturday August 1, the former Governor of Rivers state disclosed that China is the only country giving out loans with a low interest rate of 2.8 per cent. 

 

The statement read; 

 

“The trade agreement between Nigeria and China, the ministry of transportation does not take loan, everything about 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 commercial contract, which is contract between the Federal Government and CCECC as a contractor, the contract between Nigeria and China is usually signed by the ministry of finance.

“Whether is the ministry of finance that signed it or the ministry of transportation, the issue is that nobody will give you loan free of…



Source: Linda Ikeji