Ibadan-Kano Railway: FG decries delay in $5.3bn loan facility from Chinese govt

 

Ibadan-Kano Railway: FG decries delay in $5.3bn loan facility from Chinese govt
From Left, Minister Of Information And Culture, Alhaji Lai Mohammed,His Transportation Counterparts, Rotimi Amaechi, Chairman Board Of Directors, Nigeria Railway Corporation,Malam Ibrahim Al-Hassan Musa And Managing Director Of The Corporation, Mr Fidet Okhiria During The Inspection Of Lagos-Ibadan Standard Rail Guage In Lagos On Saturday (15/08/2020)

The Federal Government have decried the delay in providing a loan facility to complete the Ibadan-Kaduna rail line by the Chinese Government.

It would be recalled that the federal government had asked the national assembly to approve a $5.3 billion Chinese loan request to execute the Ibadan-Kano standard gauge rail line.

Although, the agreement with Chinese lenders generated controversies over ‘clauses conceding Nigeria’s sovereignty to China’.

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While speaking at the sideline of the commissioning of the Lagos to Ibadan rail line, the Minister of Transportation, Rotimi Amaechi said: “While we are celebrating the completion of this project, we are not happy that up till now the China Exim Bank is yet to approve the loan for Ibadan to Kano because we need to start that and complete it quickly because that is my fear.

“We are grateful that the Chinese government through the China Exim bank was able to give us the loan at a concessionary rate to construct from the seaport down to Ibadan.

“We hope that we get money to be able to construct from Ibadan to Kano so that we can complete the track and make sure that business takes place” he noted further.

“We got money from China Exim Bank, we paid counterpart funding. We did put pressure on CCECC and delivered on time. In terms of quality, what we have is of good” he assured.

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