News

Chinese loan delaying Port-Harcourt-Maiduguri rail projects – FG

The Minister of Transportation, Mua’zu Sambo said the delay in securing Chinese loans hurts the Abuja-Kano and Port-Harcourt-Maiduguri rail projects.

According to The News Agency of Nigeria, Sambo who said this at a press briefing on Friday added that 85 per cent of the funds required to complete the project will be funded by Chinese loans.

He insisted the FG has covered its 15% of obligations to the contractors and is being delayed by financing arrangements for the remaining 85%.

The minister said, “We have been driving these two projects solely through appropriation, which is part of the 15 per cent which Nigeria is supposed to contribute.

“Indeed I can tell you for sure that with respect to the Kaduna-Kano rail we have paid completely to the contractor the 15 per cent obligation of the Federal Government.

“Until we have the 85 per cent component, the project will have to be continually funded through the appropriation.” He added.

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button