Transportation minister, Rotimi Amaechi, says the Chinese have refused granting Nigeria loans for infrastructural development.
Mr Amaechi who stated this in an interview with Guardian Newspapers said the President Muhammadu Buhari regime has turned to Europe with hopes of securing loans there.
“We are stuck with lots of our projects because we cannot get money,” the minister explained. “The Chinese are no longer funding. So, we are now pursuing money in Europe.”
Critics have severally lambasted the All Progressive Congress (APC) led administration, arguing that its ceaseless borrowing was responsible for the emergence of the country as the poverty capital of the world.
Mr Buhari who has not hidden his preference for borrowing has repeatedly blamed the Peoples Democratic Party (PDP) for his actions, alleging the opposition party looted and depleted the resources of the country while it held sway from 1999 to 2015 when it was ousted from power.
Officials of the regime recently notified the Senate of intentions to borrow more loans to fund petrol subsidy after Nigerians rejected its planned removal.
The national assembly under Ahmad Lawan has never said no to the proposals of the executive asking for loans.
