President Muhammadu Buhari has given his approval for Nigeria to take loans for railway construction.
Minister of Transportation, Rotimi Amaechi disclosed this during a special programme which held on Channels Television on Thursday to mark Nigeria’s diamond independence anniversary.
According to him, the borrowings were done for infrastructural development in several parts of the country.
“The President (Muhammadu Buhari) allows us to borrow and we are borrowing to develop and things will change,” he said.
Speaking on rail transportation, the Minister said Nigeria had money from the excess crude oil account before Buhari’s administration in 2015.
He argued 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 $40billion.
“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, the money is no longer there,” Amaechi said.
While reiterating the Federal Government’s commitment to delivering laudable projects for infrastructural developments, the Minister asked Nigerians for more time.
He however explained that logistics is crucial in dealing with economic development in the country for the well-being of the masses.