{"id":15568,"date":"2021-03-31T08:04:00","date_gmt":"2021-03-31T07:04:00","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=15568"},"modified":"2021-03-31T08:04:00","modified_gmt":"2021-03-31T07:04:00","slug":"weve-borrowed-2-5bn-from-china-exim-bank-for-rail-projects-amaechi","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2021\/03\/31\/weve-borrowed-2-5bn-from-china-exim-bank-for-rail-projects-amaechi\/","title":{"rendered":"We\u2019ve borrowed $2.5bn from China Exim Bank for rail projects \u2014 Amaechi"},"content":{"rendered":"<p>The Minister of Transportation, Rotimi Amaechi, has said the Federal Government borrowed about $2.5 billion for the construction of the Lagos-Ibadan rail line.<\/p>\n<p>Amaechi, who stated this in an interview on Channels Television\u2019s Newsnight on Monday night, said: \u201cIf you look at the whole total cost, it will be $2.5 to $2.6 billion that we have borrowed from China Exim Bank.\u201d<\/p>\n<p>He explained that the Federal Government\u2019s decision to extend the rail line to the nation\u2019s seaports was for the economic benefit associated with it.<\/p>\n<p>\u201cBut at the end of the day, the project is costing about $2 billion. The government is coughing out more than just $200 million. We are bringing out about $700 million because we have to end at the seaport in Apapa, which was not part of the original design.<\/p>\n<p>\u201cSo we had to take about 45kilometres rail from Ebute-Metta into Apapa seaport. Everything together is about $2 billion. There is an additional one they are going to bring to connect Tincan Island Seaport to Apapa, that will be some extra cost which we have to borrow from them.<\/p>\n<p>\u201cThey also lent us about $1.4 billion for the Lagos-Ibadan while the Federal Government had to cough out about $200 million to make it $1.6 billion,\u201d <a href=\"https:\/\/www.withinnigeria.com\/news\/2021\/03\/30\/amaechi-opens-up-on-delayed-china-loan-approval-says-selfish-lawmakers-put-nigeria-in-jeopardy\/\" target=\"_blank\" rel=\"noopener\">Amaechi<\/a> added.<\/p>\n<p>He said the Federal Executive Council, FEC, had approved the two basic loan facilities presented by the Ministry of Transporation, adding that the administration of ex-President Goodluck Jonathan had borrowed $500 million for the Kaduna-Abuja rail line.<\/p>\n<p>The minister said since the inception of President Muhammadu Buhari\u2019s government in 2015, the rail line had taken Nigeria about $1 billion, adding that the federal government had to cough out the remaining money.<\/p>\n<p>He stated further: \u201cWhen we came, part of the project was abandoned for the inability of the government to produce the counterpart funding. So what the government did was to release the counterpart funding and money for the extra work we needed to do.<\/p>\n<p>\u201cWe had to buy the locomotives and coaches to enable us to commence commercial activities. For the Kaduna-Abuja, they lent us $500 million.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Minister of Transportation, Rotimi Amaechi, has said the Federal Government borrowed about $2.5 billion for the construction of the Lagos-Ibadan rail line. Amaechi, who stated this in an interview on Channels Television\u2019s Newsnight on Monday night, said: \u201cIf you look at the whole total cost, it will be $2.5 to $2.6 billion that we [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":15585,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_override_bookmark_settings":[],"jnews_override_counter":[],"footnotes":""},"categories":[2],"tags":[887,1337,143,4162],"class_list":["post-15568","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national","tag-amaechi","tag-china","tag-loan","tag-rail-projects"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>We\u2019ve borrowed $2.5bn from China Exim Bank for rail projects 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