FG May Borrow Loans From China, Turkey, Portugal To Complete Railway Projects
The Federal Government may borrow loans from China, Portugal and Turkey to complete ongoing rail projects across the country.
Naija News reports that the Minister of Transport, Mu’azu Sambo, made this known on Thursday to the Joint National Assembly Committee on Land and Marine Transport.
Sambo expressed hope that the Ministry of Finance concludes negotiation of the loans with infrastructure development finance institutions of Chinese, Portuguese and Turkish origin to implement the projects.
He disclosed that the implementation of the Kaduna-Kano, Port Harcourt to Maiduguri and Kano-Maradi Segments of the Railway Modernization is ongoing which is being counterpart funded by the Federal Government in the 2022 appropriation.
He also said that the Lagos – Ibadan segment of the Lagos – Kano and Itakpe to Warri railway projects were fully operational and enjoying patronage from the general public.
The minister stated that his ministry was committed to the implementation of the Nigeria Railway Modernization project.
He said: “Currently, the implementation of the Kaduna-Kano, Port Harcourt to Maiduguri and Kano – Maradi Segments of the Railway Modernization is ongoing with the Federal Government counterpart funding in the 2022 appropriation.
“The Ministry hopes that the Federal Ministry of Finance concludes negotiation of the loans with infrastructure development finance institutions of Chinese, Portuguese and Turkish origin to implement the projects.
“To ensure finalising and signing of the loan agreements, evidence of source of funding of the balance of the advance payment and other aspects of work to be financed directly by the Federal Government has to be made available to these financial institutions through adequate budgetary provisions in the year 2023 budget and subsequent budgets.”