Pres. Buhari writes National Assembly, seeks approval to borrow $5.851bn for railway projects | Welcome to Linda Ikeji's Blog

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Wednesday, 26 April 2017

Pres. Buhari writes National Assembly, seeks approval to borrow $5.851bn for railway projects

President Muhammadu Buhari has written a letter to the National Assembly, requesting for approval to borrow $5.851 billion for the upgrade of various sections of the Nigerian railway.

In the letter written separately to Senate President Bukola Saraki and Speaker of the house of representatives Yakubu Dogara, President Buhari asked for speedy consideration of his request so that his administration can access the China-African fund provided in the 2016-2018 external borrowing plan.
According to President Buhari, the loan which is limited, is made open for all countries in the continent and it is award to any country on first come, first service basis. The letter in part reads

“I wish to refer to my earlier letter with respect to the above subject and to inform the distinguished senate that the China Exim bank has approved our request for a loan to execute the Lagos-Kano railway modernisation project, Lagos-Ibadan segment for a sum of $1.231 billion. The China government has also informed us that the approval of the Lagos-Kano railway modernisation project, Kano-Kaduna segment and coastal railway project, the Lagos-Calabar segment are imminent.
China Exim supported projects; Lagos-Kano modernisation projects, Lagos-Ibadan segment $1.231 billion; Lagos-Kano railway modernisation project, Kano-Kaduna segment $1.146 billion and coastal railway project, the Lagos-Calabar segment 3.474 billion, making a total of 5.851 billion. As you are aware the funds available under the China-African fund are limited and loan applications from all over Africa countries are funded based on first come, first serve and therefore there is an urgent need to sign these loans as soon as they are approved or we may loose out in the event that we delayed in signing the loan agreement.
These loans form part of the overall money for the rail strategy. We are in the process of completing the concession of the port Harcourt Maiduguri line to immediately link the eastern part of the nation. We fully intend to source further concessioning funding to ultimately upgrade this critical line to high speed standard gauge. These projects form the overall plan to resuscitate the rail transport across the nation and thereby drive inclusive growth”.

19 comments:

dee boi said...

Ok... dee

Ivery Arie said...

Railway projects? How about using the money to fix and expand roads that are desperately needed?

Akeem Opayemi said...

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Anonymous said...

Borrow borrow, borrow borrow. Then the chinese will still come here and do the work.

Dare Me said...

Lol.no give am o!em wan thief money for 2019 election besides his not even hale and hearty.according to his minstr of info

Emy said...

Heeey! ndia eburula bata 18. NASS, make una no try am. this is the mother of all ootimi.

Confidence Int'l said...

How are we sure that our president is aware of this letter, we ve not seen him for some time now

Anonymous said...

Y won't it be to repair railways, want an easy route into parts of d country to cause havoc,una plan no go work

Anonymous said...

Why borrow? When the country is making millions of dollars every day from oil sector alone, other sectors too are generating income, since buhari started this recession, he never thought of increasing govt workers salaries. Instead he acted in a loop sided way of sharing 5000 monthly to the northerners. All the recovered loot have been restolen instead of being used for projects like this.
All these so called bureau De changes should be scraped to discourage greedy bankers from syphoning hard currency given by cbn to bureau de change. The problems are so clear, but the govt is busy chasing shadows. Non of these politicians are truthfull to this nation except osibajo. Even in ill health, buhari still destroying things. He failed us the masses. Up till tommorow he refused to utter a single word concerning the southern kaduna massacare of Christians. His hatred for Christians is over whelming. He is partial and religious extremist. He is a tribalistic man that refuse to understand that the southerners votes helped him to get the presidential seat. the northerners had to support him out of shame for themselves so that it won't be like they didn't support their own.

Anonymous said...

This could fix power issue, why rail? Misplaced priorities

Anonymous said...

Abakari and the cabal have started looking for how to loot the country and go before this man die . How did he write the letter ,someone who is sick ? Drama country ,the budget is still not approved in April 2017 . Weak president ,osibanjo don't allow them to use you ,be wise . If he's so power drunk that he want to die on the throne so be it, he will remain in prison of health issue until his final day on earth .

FRESH said...

Just read what young Nigerians are typing here.All negative! Has your psyche been so raped by the PDP that you can't believe a government can work for you? Yet you guys defend the PDP & their criminal contractor members.

Anonymous said...

Oga young Nigerians, this Is a misplaced priority. Don't you get it?

Sweetchild Sweet said...

Am shocked he has not borrowed for his medical.

Nnenne George said...

Just shataaap your mouth there.

PATRICK EBIAMU said...

Why borrowing, upon all the the recovery of series of dollars, from Andrew Yakobu fmrGmd nnpc, that of Ikoyi apartments, another 400,000.000 from a shop in Lagos. Apc claims Obj returned some money, all recovered loots from the Dasuki and so many. Why borrowing

Get a Bigger Penis Using Penis Exercises @ https://penisenlargementgym.com said...

Railway projects? How about using the money to fix and expand roads that are desperately needed?

Emy said...

@Dry, will i say u are stupid or just a fool.Pls use ur thinking faculty. Be analytical.

Anonymous said...

Hmm.... Which kin mumu railway.... They don dey carry money small small,before dey go announce his death... He fit write for borrow buh no fit come meeting.

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