Minister of Transportation in Nigeria, Mr Rotimi Amaechi, has expressed his pessimism in the probe into Nigeria’s use of foreign loans to finance infrastructure projects. According to him, the probe could negatively affect how foreign lenders perceive the country. As a result, this could affect infrastructure projects in Nigeria, should such lenders choose to withdraw their loan offers.
The Minister stated this at a hearing with the House of Representatives Committee on Treaties, Protocols, and Agreements in Abuja. He was invited to the hearing by the legislators to offer more clarity on the $500 million loans from China’s Export-Import Bank which Nigeria is seeking for railway construction and other projects.
In his response to the lawmakers, Amaechi asked that the probe be postponed until December after the loan must have been received. However, the House Committee made it clear that it can conduct probes/reviews on Nigeria’s bilateral loan agreements anytime.
The backstory: Recall that the Senate had also invited the Minister of Works, Babatunde Fashola and the Minister of Finance, Zainab Ahmed to explain the details of the contracts for the Lagos-Ibadan expressway, the Abuja-Kano road, and the Second Niger bridge.