Why Buhari is allowing us take loans – Amaechi

The Minister of Transportation, Rotimi Amaechi, has stated President Muhammadu Buhari has accepted for Nigeria to take loans.

Amaechi said this throughout a particular sixtieth Independence Anniversary programme on Channels Tv on Thursday.

In line with the previous Governor of Rivers State, the loans are meant for infrastructural improvement in a number of components of the nation.

“The President (Muhammadu Buhari) permits us to borrow. We’re borrowing to develop and issues will change,” he stated.

Amaechi defined that when crude oil was bought at $120 per barrel, the overall quantity wanted to develop the railway throughout the 36 states and the Federal Capital Territory (FCT) was between $35billion to $40billion.

“It wasn’t like this earlier than. We had cash to assemble this railway. The entire fund that we would have liked to complete your complete railway within the nation was about $36billion to $40billion.

“We had this sort of cash once we have been promoting crude at $110 to $120 per barrel. Now, the cash is not there,” Amaechi stated.