The Minister of Transportation, Rotimi Amaechi, has mentioned President Muhammadu Buhari has authorized for Nigeria to take loans.
Amaechi acknowledged this throughout a particular 60th Independence Anniversary programme on Channels Tv on Thursday.
In keeping with the previous Governor of Rivers State, the loans are meant for infrastructural improvement in a number of elements of the nation.
“The President (Muhammadu Buhari) permits us to borrow. We’re borrowing to develop and issues will change,” he mentioned.
Amaechi defined that when crude oil was bought at $120 per barrel, the full quantity wanted to develop the railway throughout the 36 states and the Federal Capital Territory (FCT) was between $35billion to $40billion.
“It wasn’t like this earlier than. We had cash to assemble this railway. The entire fund that we wanted to complete your entire railway within the nation was about $36billion to $40billion.
“We had this sort of cash once we have been promoting crude at $110 to $120 per barrel. Now, the cash is not there,” Amaechi mentioned.