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Nigeria to apply for USD 11billion loan to construct Lagos to Calabar railway track

Devdiscourse News Desk | Abuja | Updated: 21-10-2020 11:33 IST | Created: 21-10-2020 11:33 IST
Nigeria to apply for USD 11billion loan to construct Lagos to Calabar railway track
File Photo Image Credit: Twitter (@ChibuikeAmaechi)

During an interactive session with the South-East and South-South Professionals of Nigeria, SESSPN, in Lagos, Minister of Transportation, Chibuike Amaechi, has announced that the government is set to apply for a USD 11billion loan to construct Lagos to Calabar railway track, according to a news report by Vanguard.

Disagreed by the move, some people on Twitter suggested that the government should develop its own economy instead of borrowing all the time

"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, "said a Twitter user.

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

The Lagos Chamber of Commerce and Industry (LCCI) has said that Nigeria has lost over N700 billion economically due to the #EndSARS protests over the last 12 days, according to a news report by Today.

President of LCCI, Toki Mabogunje has said this while reviewing the economic implications of the protest in a statement made available to newsmen.



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