National Assembly probe of loans might be bad for Nigeria – Amaechi

Chibuike Rotimi Amaechi

Minister of Transportation Rotimi Amechi has said that the ongoing investigations of loans taken by the Federal Government could send the wrong signal to the lenders.

Mr Amaechi made the observation at an investigative hearing on Tuesday organised by the House of Representatives Committee on Treaties, Protocols and Agreements in Abuja.

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

The minister said he has raised the concerns over the ongoing investigation with Speaker Femi Gbajabiamila.

He 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 to December when the loan facility would have been acquired.

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

He said the committee seeks to review all Nigeria’s bilateral loan agreement to ensure the country is not shortchanged.