Ministers Defend Government’s Foreign Request for Billions of Dollars in Foreign Loans

AMAECHI was accompanied by the Minister of State for Aviation, HADI SIRIKA to a public hearing by the Senate Committee on Local and Foreign Debts.
AMAECHI disclosed that the Federal Government requires the sum of thirty-six billion dollars for the completion of its rail projects alone.
He also disclosed that the President has directed that the rail projects be extended to cover all the thirty-six state capitals.
The Transportation Minister said part of the latest five point five billion dollars loan would go into funding of the rail lines covering Itakpe to Warri, Kano to Kaduna and Port Harcourt to Calabar.
In his remarks, the Chairman of the Senate Committee, Senator SHEHU SANI, asked for details about the foreign loans, including interest rates and tenure.
Senator SANI also cautioned that in spite of the need to borrow to fund projects, government must ensure to do so responsibly.
In a submission sent to the Senate Committee, the Minister of Finance, KEMI ADEOSUN, said the duration of the loans could be between five and thirty years, but the final details would be determined by market trends.