economy

Investigation Into Loans Secured by the FG Can Scare Away Investors- Amaechi

The Minister of Transportation, Rotimi Amaechi has said that the ongoing investigations of loans taken by the Federal Government could send the wrong signal to the lenders.

It was at the investigative inquiry into Federal loans by the House of Representatives Committee on Treaties, Protocols and Agreements in Abuja, that the Minister stated this.

Amaechi said the investigation could cause foreign partners to withdraw such loan facilities would negatively impact on Nigeria’s infrastructural development.

On his part, theChairman of the committee, Nicholas Ossai (PDP-Delta) said the committee is empowered to conduct overnight before, during or after loan facilities are acquired.

He said the committee seeks to review all Nigeria’s bilateral loan agreement to ensure the country is not shortchanged.

Amaechi however urged the investigations to be pushed to December, after the loan might have been secured.
Mr Amaechi explained that the hearing could hinder the loan facility the Federal Government “is seeking for the completion of the Lagos-Ibadan and Kano rail projects”.

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