President Muhammed Buhari on Monday demanded explanation from the Ministry of Finance on the whereabouts of the foreign loans obtained for rail projects. The loan was reportedly siphoned under the watchful eyes of immediate past Minister of Finance, Dr. Okonjo Iweala.
Buhari’s directive followed the alleged diversion of a substantial part of the loan of USD1.005 billion from the Chinese Exim Bank, meant for the construction of a standard gauge rail line linking Lagos and Kano States.
Relatively, the Permanent Secretary, Ministry of Transport by the Permanent Secretary, Alhaji Mohammed Bashar informed the President that only $400 million was left of the loan. Bashar made the revelation during a presentation of his ministry’s activities to president Buhari at the presidential villa.
Reacting, President Buhari said that it was unfortunate 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,” he warned.
Vanguard reports that the President regretted that government had, over the years, failed to meet its counterpart funding obligation on some projects, leading to such projects being left uncompleted or abandoned. For more scintillating and juicy stories, follow the official Naijapals accounts On Twitter - @Naijapals and Facebook - www.facebook.com/naijapals
I have been reporting on latest news from Nigeria for almost 10 years now. I report on every possible news area I come across, but always ensure my reports are compiled with dignity and fact to uphold my personal values and duty as a journalist
Posted: at 11-08-2015 05:52 AM (9 years ago) | Addicted Hero
My question is, which project did they divert d money too? If its a better project, fine and good but if its for personal project then let match striaght to jail wit out prob. Meanwhile wit d way grandpa is disturbing dis former minister hmmm I forsee her spilling d beans and soooo many pple will be indicted including those glory hunters. I don't believe wat some pple here call d winning team or change or watever. Most of them defecting and most of them becuming emergency politicians to APC are jt trying to cover their ass. We all shld watch and see how it goes.
Posted: at 11-08-2015 07:16 AM (9 years ago) | Addicted Hero
freethinker at 11-08-2015 01:38 PM (9 years ago) (m)
Buhari is a noisemaker, he is not reasoning with his head. What he suppose to do is to invite Ngozi, and hear from her before making it public. Grow up man!
Posted: at 11-08-2015 01:38 PM (9 years ago) | Gistmaniac
If its a better project, fine and good but if its for personal project then let match striaght to jail wit out prob. Meanwhile wit d way grandpa is disturbing dis former minister hmmm I forsee her spilling d beans and soooo many pple will be indicted including those glory hunters. I don't believe wat some pple here call d winning team or change or watever. Most of them defecting and most of them becuming emergency politicians to APC are jt trying to cover their ass. We all shld watch and see how it goes. 
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