Buhari Demands Explanation For $1Billion Foreign Loan For Rail Projects ‘DIVERTED’ To Other Purposes

Published 4 years ago by: MrJohn
[1] 2
at 07:24 PM, 10/08/2015 (4 years ago)

(3757 | Gistmaniac) (m)


President Muhammed Buhari Monday in Abuja called for an explanation from the Ministry of Finance on the foreign loans obtained for rail projects but diverted to other purposes reports Premium Times.
Speaking at the end of a presentation on the Ministry of Transport by the Permanent Secretary, Mohammed Bashar at the Presidential Villa, President Buhari said that it was disappointing to find that foreign loans obtained in line with signed agreements were moved from one project to another.
“I hope that due process was followed before such diversions were carried out. Taking money from one project to another has to be done properly,” Garba Shehu, his senior special assistant on media and publicity, quoted the President as saying.
Mr. Buhari was reacting to the specific instance of the diversion of a substantial part of the loan of USD1.005 billion from the Chinese Exim Bank, obtained for the construction of a standard gauge rail line linking Lagos to Kano but which was moved elsewhere.
The permanent secretary had informed the President that only USD 400 million of that loan remained with the Ministry of Finance.
The president regretted that government had, over the years, failed to meet its counter-part funding obligation on some projects, leading to such projects being left uncompleted or abandoned.
He added that there was a clear need to streamline, harmonize, and prioritize on-going projects in the transportation sector.
The permanent secretary of the ministry also briefed the president on other challenges facing the transport and maritime sectors such as encroachment on railway land, lack of security on inland waterways and the confused nature of agreements between the Nigeria Ports Authority and ports concessionaires.

Problem with this article? Please contact us


PoliticxGuru at 07:29 PM, 10/08/2015 (4 years ago)
(14240 | Hero) (m)

abeg baba dey fire dem one by one till there nyacth go open wide
Reply
winace at 07:50 PM, 10/08/2015 (4 years ago)
(30552 | Addicted Hero) (f)

Ok
Reply
chealseafc at 07:51 PM, 10/08/2015 (4 years ago)
(4433 | Gistmaniac) (m)

i wan hear say dem don recover dis one or dat one.
pending cases are too much.
Reply
beneno at 07:51 PM, 10/08/2015 (4 years ago)
(26050 | Addicted Hero) (m)

oooooooh
Reply
chealseafc at 07:53 PM, 10/08/2015 (4 years ago)
(4433 | Gistmaniac) (m)

Quote from: PoliticxGuru on 07:29 PM, 10/08/2015
abeg baba dey fire dem one by one till there nyacth go open wide

guy, you and beneno, including dareper no wan joke with dis #10k oh.
una don take style turn to staffs of naijapals. Grin Grin Grin Grin Grin Grin Grin Grin Grin Grin Grin Grin Grin Grin
Reply
Anny01 at 08:01 PM, 10/08/2015 (4 years ago)
(1707 | Gistmaniac) (m)

It's easy to explain,only if due process was followed.
Reply
Wazubia at 08:06 PM, 10/08/2015 (4 years ago)
(5183 | Gistmaniac) (m)

PMB, start doing something about all this loot money, not questioning and i will' i will'..... i pray inshallah" u will succeed.
Reply
DJSNIPPER at 08:07 PM, 10/08/2015 (4 years ago)
(3604 | Gistmaniac) (m)

This is only person you can't control or deal with in this country. If you like shout and talk from now till 4years time you can't do anything to her. She is more interligent and smart more than all of you.
Reply
dickman2 at 08:14 PM, 10/08/2015 (4 years ago)
(34371 | Addicted Hero) (m)

noise..with his ugly face..
Reply
dickman2 at 08:15 PM, 10/08/2015 (4 years ago)
(34371 | Addicted Hero) (m)

noise..with his ugly face..
Reply
ignis99 at 08:16 PM, 10/08/2015 (4 years ago)
(2805 | Gistmaniac) (m)

talk talk all the time
Reply
Donchijoz at 08:25 PM, 10/08/2015 (4 years ago)
(1021 | Gistmaniac) (m)

Let them explain or vomit all
Reply
gogoman at 08:41 PM, 10/08/2015 (4 years ago)
(31866 | Addicted Hero) (m)

peek-a-boo what do you see corruption
Reply
jamoki at 09:04 PM, 10/08/2015 (4 years ago)
(66 | Newbie) (m)

What this illiterate commentator is talking about saying she's too powerful. This is not careless president Gej time. If you don't know what to say please chill out.
Reply
SOGaiya at 09:21 PM, 10/08/2015 (4 years ago)
(5481 | Gistmaniac) (m)

Get them all simple
Reply
DJSNIPPER at 09:31 PM, 10/08/2015 (4 years ago)
(3604 | Gistmaniac) (m)

Quote from: jamoki on 09:04 PM, 10/08/2015
What this illiterate commentator is talking about saying she's too powerful. This is not careless president Gej time. If you don't know what to say please chill out.
go home and rape ur sister.. zoo man
Reply
OlasubomiD at 09:36 PM, 10/08/2015 (4 years ago)
(467 | Upcoming) (f)

thats a really good one
Reply
mercymadu at 09:56 PM, 10/08/2015 (4 years ago)
(503 | Upcoming) (f)

ebelebe!!!!!
Reply
mercymadu at 09:56 PM, 10/08/2015 (4 years ago)
(503 | Upcoming) (f)

ebelebe!!!!!
Reply
[1] 2

LATEST COMMENTS

  1. Baye77 on: Kenyan Gospel Singer Forced To Delete Controversial Bikini Photo After Serious Backlash From Fan
    Boy! 8)... 6 mins ago
  2. Doyourworst on: What Will You Do In This Situation?
    Give him my???????????. I mean, my approval to move on without him????????.... 8 mins ago
  3. Baye77 on: I’m Mentally Unstable, Says Soldier, Sunday Awolola Who Molest AAU Student
    It's ok then...you should be taken to a psychiatric prison so that u can be in jail and be rece... 9 mins ago
  4. nonsovin on: What Will You Do In This Situation?
    No need.Just transfer, divert and sell as possible as u can and make sure u secured enough that will... 10 mins ago
  5. Doyourworst on: Video: Nnamdi Kanu Is An "Ingrate And Frankenstein Monster”- Asari Dokubo Reveals
    I totally agree with you without any reservations!. Mr Kanu is BASTARD!. A useless son of a Bitch. M... 14 mins ago