Left Menu
Development News Edition

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.


TRENDING

OPINION / BLOG / INTERVIEW

Turbulence surrounding tobacco control in Ghana

... ...

Smart healthcare: IoT redefining the way healthcare is delivered

As the world is embracing the new wave of digitalization triggered by the pandemic and the arrival of 5G, the adoption of IoT devices will further boom. With adoption set to soar, IoT security issues and other challenges cant be ignored any...

Refugee compassion and response: Ideas to mitigate disasters now and in their future

Their homeland becomes a forbidden territory for them and more likely than not, their journey to foreign soil is no less traumatizing, not to say deadly. It is crucial to help refugees live a life of dignity and purpose....

Inadequate water infrastructure causes a tidal wave of coronavirus in rural Alaska

... ...

Videos

Latest News

EU invites Biden to patch up trans-Atlantic ties

European Union chief Charles Michel is inviting Joe Biden once he is US president to come visit and patch up trans-Atlantic relations that have suffered over the past four years under President Donald Trump. Now is the time to join forces. ...

Fire at petroleum products station in Jeddah extinguished -SPA citing Saudi official

An official at Saudi Arabias ministry of energy said that a fire broke out in a fuel tank at a petroleum products distribution station in north Jeddah as a result of an attack with a projectile, Saudi state news agency SPA reported on Monda...

Israel delegation to Sudan talks agriculture, health care cooperation

Israel sent a first delegation to Sudan to discuss potential economic and humanitarian cooperation on Monday after the countries announced a U.S.-brokered agreement on Oct 23 to take steps toward establishing relations, a source said. The t...

Biden announces his national security team, includes special envoy for climate

US President-elect Joe Biden on Monday announced his national security team that includes three women and an envoy for climate that for the first time would sit on the National Security Council. Biden intends to nominate Anthony Blinken as ...

Give Feedback