Nigeria folly knows no end. How do you borrow over $500 million dollars from China EXIM Bank, to be repaid in dollars with commercial interest rate only to turn around to use the train for social services. As I have already stated in my previous comments elsewhere, the minister have just confirmed that it costs over 50 million naira to operate the new train while it generates less than 20 million per month.
So much for Nigeria so-called investment. That is why sound people were asking this government to present a business plan for the proposed $30 billion external borrowing for “investment” which they have so far failed to do.
Nigeria must tax its residents for social investment. Borrowing, especially external must be reserved for commercial investments.