Nigeria is capable of repaying Chinese loans, says Rotimi Amaechi

Amidst growing concerns by Nigerians that the country may soon become indebted to China like other African countries, Minister of Transportation, Rotimi Amaechi, has insisted that Nigeria is capable of repaying the Chinese loans.

The Debt Management Office DMO had disclosed that the Federal Government took $73 million facility to fund capital expenditure and another $328 million, bringing the total indebtedness to China to N23 trillion.

Speaking at the sixth Annual East Africa Transport and Infrastructure in Nairobi, Kenya, Amaechi said since loan was used for the purpose it was collected there was every likelihood that the credit would be repaid.

He also clarified that unlike some other African countries loan agreement did not include a takeover of its property.

His words: “If you don’t go to China, who will give you, America and Russia are going to China and so what is wrong if Nigeria goes to China? So we should not be afraid of China.

“I don’t know the arrangement these countries have with them but I do not think we will have any problems with repaying our loans. The countries that they are talking about are Kenya, Somali and Sudan.

“These are some countries that have not been able to repay their loans I think. So, what they are doing is that they are taking over to mange and get their money but its not so in Nigeria.”