$500m Chinese Loan Was Taken By Goodluck Jonathan Not Buhari’s Gov’t – Amaechi

The minister of transportation, Rotimi Amaechi, has revealed that Nigeria is already repaying China loans, adding that the $500m loan for the Abuja-Kaduna rail line, was taken by the former administration and not the Buhari-led government.

Amaechi stated this on Saturday, August 1, during a live television programme – Democracy Today on AIT. 

READ ALSO: Village Head Shot Ten Times In The Chest By Suspected Bandits In Nasarawa

Recall that, while probing Chinese loans to Nigeria, the House of Representatives had discovered that the agreements ceded Nigeria’s sovereign right on the assets financed by the loans to China if there was payment default. 

Amaechi said Nigeria is capable of paying all the China loans as $96m has been paid, out of the $500m loan the federal government took to build the Abuja-Kaduna rail line. 

The minister noted that, contrary to popular belief, the loan was actually taken by Goodluck Jonathan and not the present administration led by President Muhammadu Buhari.

“Nigeria is already paying and the $500m was not taken by us, it was taken by President Goodluck Jonathan in his term and that clause was there.

“Anybody that is saying he doesn’t know what a sovereign guarantee or immunity is, too bad for the person, because it simply means in trade that I am not giving you this loan free of charge, just like you go to the bank to collect a loan, the moment you don’t pay they go after your assets you put down. 

READ ALSO: Huge Loans: China To Take Over Nigeria Through NLNG – Ononuju

“That is all about the clause, the Chinese can never come and take over Aso rock and become president or minister,” he said.