AMAECHI BEGS HOUSE OF REPS NOT TO INVESTIGATE HIS MINISTRY’s FOREIGN LOANS YET …gives reasons

Nigeria’s Minister of Transportation, Chibuike Rotimi Amaechi has urged the House of Representatives Committee investigating foreign loans acquired by his Ministry to discontinue such an investigation for now.

Amaechi observed that the investigation of loans taken by the Federal Government could send wrong signals to the lenders, who may believe that there is a disagreement among Nigerian authorities.

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

He noted that the investigation could cause foreign partners to withdraw the loan facilities, adding that such may have a negative effect on Nigeria’s infrastructural development.

Amaechi disclosed that he had raised concerns over the ongoing investigation with the Speaker of the House of Representatives, Hon. Femi Gbajabiamila.

Again, Amaechi explained that the hearing could stop the $500m loan facility, which the Federal Government currently seeks for the completion of the Lagos-Ibadan and Kano rail projects.

He however appealed to the House Committee to postpone the hearing to December, when the loan facility would have been acquired.

Responding to this, the Chairman of the House of Representatives investigative Committee, Hon. Nicholas Ossai (PDP-Delta) said the Committee is constitutionally empowered to exercise its oversight function and conduct hearing before, during and after loan facilities are acquired.

He further said that the Committee seeks to review all Nigeria’s bilateral loan agreement in other to ensure that the country is not shortchanged.