Debt Stock: We'll borrow more to fund projects - Amaechi

Mon, 11 Jan 2021 Source: www.mynigeria.com

Minister of Transport, Chibuike Amaechi has urged Nigerians to desist from complaining about the country's rising debt stock as his ministry plans to borrow more money to fund some rail projects across the country.

The Minister, who was a guest on NTA's Weekend Deal noted that the country is financially weak, hence the need to borrow funds.

He said that the country is suffering now due to a lack of poor financial management by some persons. He added that there was a time when the country enjoyed excess cash in its reserve.

Amaechi maintained that the “Giant of Africa” as Nigeria is been referred to, does not translate or mean that the country is rich financially stable, stressing that Nigeria is been referred to as a giant because of its population which is only good for marketing, Sunnewsonline said.

He said, “We are currently applying for a loan facility of $11.1bn and $3020bn to fund Lagos to Calabar and Port-Harcourt to Maiduguri rails projects respectively,”

He added that the construction of new Ports Like in Lokoja and Baro Ports among others are in the pipeline while Onitsha and Oguta ports are having setback due to some hitches, Sunnewsonline reports.

He affirmed that the complex challenges in Nigeria Waterways are not solely the failure of his ministry but the inefficiency of other actors like the Nigeria Customs Service, Nigerian Ports Authority, NPA, Ministries of finance and internal Affairs.

On unending Apapa gridlock, he said a committee has been set up headed by the permanent secretary- ministry of Transport, to address the issues, he howbeit added that when the railway is commissioned, cargoes would be asked to use the tracks.

“We are working harder to make other Sea Ports in the country functional to ease and decongest the Lagos Ports, we have Security challenges in Warri Port, Port Harcourt ports and Calabar, we are trying to get solutions but we are worried, because we are not having the cooperation of the Navy, Navy is part of the problem we are having, so we need to engage the Nigerian Navy the more to find solution to the insecurity in the Ports.

Source: www.mynigeria.com
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