Market News

By David Royal

Nigerians have condemned the move as announced by Minister of Transportation, Chibuike Amaechi, Tuesday, that the Federal Government was set to apply for a $11billion loan to construct Lagos to Calabar rail.

Amaechi made the disclosure during an interactive session with the South-East and South-South Professionals of Nigeria, SESSPN, in Lagos.

Condemning the move, some Nigerians on Twitter suggested the need for Federal Government to develop its own economy instead of borrowing all the time

@Cyril1309 "These people are just wicked, will these rail projects generate the money to fund these loans?? Why borrow this much to construct rails, that majority of Nigerians will never ride in till death! Why not fund projects that will boost the economy to repay the loans."

@ForOmooba "You guys enjoying applying for loans because of your interest in such loan and not in the interest of the nation. After all the contractor will say thank you for awarding the contract. We are burdened already with loans and u pple are still looking for more. Na wa for you guys."

@chiukwujioke "Another waste of resources... one-day una go sell us give china"

@theonce001' Any serious thinking nation would not loan Nigeria money at this time especially under this most clueless government. @POTUS stop every loan by Nigerian government until they account for the loans they took in the past. Reject their loan offer."

@trippleCseason "Na sign say dem don dey comot 4 power,dem wan borrow money so that we go enter power to dey pay their debt, better tell them, na person wey borrow money go pay am back o, this is Nigeria, not Fulani land"

@LeonAdegoke "Thank God now that most Nigeria is now realising that our leaders are not leading anything, they're just there leading themselves and I know that we are going to spark against them this time around, very useless people."

@almondslimming "What is this man up to? Who will approve this loan for him? Nigerians shine your eyes the same way that this man is shining his eyes."

@Charlez_Polak "Apply for a loan when you already have domestic and external debts in trillions of naira yet to be serviced. You still want apply for loan. What happened to the china loan that you are yet to pay back?"

@AdebayoOnisile "Every time you guys borrow money and we have not seen anything the money is used for. You have failed us."

@drealzeal "Loan, loan, who go pay, next-generation or what. If LCCI claims that EndSARS Protest cost 700bn lost for the Government, it literally means Nigerian government make such money in less than 2 weeks and thus, can sponsor any project even in trillions of Naira.EndBadGovernance"

@techteacherz "These guys make every project seem expensive. Addis Ababa built and a light rail of 31km for $475m and commenced operations in 2015. Lagos has been building light rail since over 10 years now it is still not up to 50% completion and it costs $1.4bn for a 35km line."

@Majiktect "Smh this is so unreasonable ... amidst all what is going on in the country they act like nothing is happening!!!!"

@CredoEngr "Make una kuku sell us to construct rails na. Borrow borrow, this is madness... You see your youth in agitation, you're still impoverishing us with more loans? Go and cut salaries of the politicians, use the offcuts to construct."

"Why loan, we have enough money for the projects. All the senators and legislators should bring out the money in their accounts. Or do they want to take it to their grave???"

Vanguard News Nigeria