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Rotimi Amaechi, the minister of transportation, has revealed why President Muhammadu Buhari gave his approval for Nigeria to take loans.
Channels TV reports that the minister made this known on Thursday, October 1,
while speaking on the commemoration of the 60th independence anniversary of Nigeria.
“The President (Muhammadu Buhari) allows us to borrow and we are borrowing to develop and things will change.
The minister said Nigeria had money from the excess crude oil account before Buhari’s administration in 2015.
Amaechi noted that when crude oil was sold at $120 per barrel, the total amount meant to develop the nation’s railway across the 36 states and the FCT was between $35 to $40 billion.
The minister further stated:
“It wasn’t like this before. We had money to construct this railway. The total fund that we needed to complete the entire railway in the country was about $36 to $40billion.
“We had this kind of money when we were selling crude at $110 to $120 per barrel. Now, money is no longer there.”
He asked Nigerians to be patient with the federal government in its commitment to deliver laudable projects for infrastructural developments.
Amaechi also noted that logistics is crucial in dealing with economic development in the country for the well-being of the masses.