China Loans: There is no wrong in borrowing – Lai Mohammed

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Minister of Information, Lai Mohammed has insisted that there is nothing wrong in borrowing as long as funds are invested in infrastructure rather than services or consumption.

He said this at the construction site of the Ibadan Train Station on Saturday where he and the Minister of Transport, Rotimi Amaechi went to inspect.

Lai Mohammed insisted that Nigeria is effectively utilizing the funds it borrowed from China and elsewhere for infrastructural development and job creation.
“We didn’t borrow money for services or overhead expenditure. We borrowed money for capital projects: rail; roads; bridges; power – infrastructure generally,” he said.

Amaechi on the other hand said $1.6billion is being expended on the Lagos-Ibadan Standard Gauge rail line and the stations, with $200-$300million counterpart funds from the Federal Government as he appealed to the National Assembly to approve the $5.3billion loan request from China.

He said this would enable the government to execute the Ibadan-Kano Standard Gauge rail line.

12 Comments

  1. Nothing spoil/wrong in borrowing but most of the money you use to borrow you are not using for what it meant for. The problem is that there is no monitoring and accountability in our money you use to borrow.

  2. My father when he was alive used to tell me that he who goes aborrowing goes asorrowing.
    It pains the heart when someone hears that this nation Nigeria upon how richly blessed they are still goes out there to borrow from other countries
    We are supposed to be lending but now it is the other way round caused by mismanagement of resources and inefficient government
    Whether you are borrowing for overhead or borrowing for capital projects, borrow is borrow and it does not speak well for us as a people

  3. Most of the loan you use to take are being shared by few people among you. Nothing wrong if it’s for infrastructural development and not for sharing. Some of the one you have taken you can not account for it. May God bless Nigeria.

  4. Their no wrong to borrow loan.if to achieved a aim or a position. An later return it.and if u don’t return it back it very bad and wrong indeed.

  5. Nothing is wrong cause you would get your own cut.
    Keep borrowing upon the wealth God has blessed us with we are still borrowing.
    Then on the 1st on October,we would be celebrating independence when we can’t suit things on our own.

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