FG begs lawmakers not to scare away foreign lenders

The Minister of Transportation, Mr Rotimi Amaechi has observed that the investigations of loans taken by the Federal Government by House of Representatives could send wrong signals to the lenders.

Amaechi sounded the warning at an investigative hearing organised by the House of Representatives Committee on Treaties, Protocols and Agreements in Abuja.

He said that the investigation could cause foreign partners to withdraw such loan facilities which have negative effect on Nigeria’s infrastructural development.

The minister said that he has raised the concerns over the ongoing investigation with the Speaker of the house, Rep. Femi Gbajabiamila.

Amaechi explained that the hearing could stop the loan facility the Federal Government ”is seeking for the completion of the Lagos-Ibadan and Kano rail projects”.

He, however, recommended that the hearing should be shifted till December when the loan facility would have been acquired.

The Chairman of the committee, Rep. Nicholas Ossai (PDP-Delta) said that the committee is empowered to conduct oversight before, during or after loan facilities are acquired.

He said that the committee seeks to review all Nigeria’s bilateral loan agreement to ensure the country is not short-changed?

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