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

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

(3756 | 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.


PoliticxGuru at 10-08-2015 07:29PM (4 years ago)
(14192 | Hero) (m)

abeg baba dey fire dem one by one till there nyacth go open wide
Reply
winace at 10-08-2015 07:50PM (4 years ago)
(30152 | Addicted Hero) (f)

Ok
Reply
chealseafc at 10-08-2015 07:51PM (4 years ago)
(4429 | Gistmaniac) (m)

i wan hear say dem don recover dis one or dat one.
pending cases are too much.
Reply
beneno at 10-08-2015 07:51PM (4 years ago)
(25964 | Addicted Hero) (m)

oooooooh
Reply
chealseafc at 10-08-2015 07:53PM (4 years ago)
(4429 | Gistmaniac) (m)

Quote from: PoliticxGuru on 10-08-2015 07:29PM
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 10-08-2015 08:01PM (4 years ago)
(1700 | Gistmaniac) (m)

It's easy to explain,only if due process was followed.
Reply
Wazubia at 10-08-2015 08:06PM (4 years ago)
(5519 | 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 10-08-2015 08:07PM (4 years ago)
(3595 | 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 10-08-2015 08:14PM (4 years ago)
(34105 | Addicted Hero) (m)

noise..with his ugly face..
Reply
dickman2 at 10-08-2015 08:15PM (4 years ago)
(34105 | Addicted Hero) (m)

noise..with his ugly face..
Reply
ignis99 at 10-08-2015 08:16PM (4 years ago)
(2843 | Gistmaniac) (m)

talk talk all the time
Reply
Donchijoz at 10-08-2015 08:25PM (4 years ago)
(1017 | Gistmaniac) (m)

Let them explain or vomit all
Reply
gogoman at 10-08-2015 08:41PM (4 years ago)
(31814 | Addicted Hero) (m)

peek-a-boo what do you see corruption
Reply
jamoki at 10-08-2015 09:04PM (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 10-08-2015 09:21PM (4 years ago)
(5469 | Gistmaniac) (m)

Get them all simple
Reply
DJSNIPPER at 10-08-2015 09:31PM (4 years ago)
(3595 | Gistmaniac) (m)

Quote from: jamoki on 10-08-2015 09:04PM
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 10-08-2015 09:36PM (4 years ago)
(467 | Upcoming) (f)

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

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

ebelebe!!!!!
Reply
[1] 2