The Federal Government has secured $7.5 billion loan for the construction of standard rail gauge from Lagos to Kano, an official has said. The $7.5 billion is part of the $30 billion loan the Federal Government seeks to take and for which it has sought approval from the National Assembly.

The Minister of Transportation, Rotimi Amaechi, who disclosed this on Monday at the North Central Town Hall meeting held in Ilorin for the people of Kogi, Niger and Kwara states, urged Nigerians to impress it on the National Assembly to approve the loan request so that the Federal Government can go ahead with the project.

But the Senate in a statement by its spokesperson, Aliyu Abdullahi, on Wednesday in Abuja, said that the minister’s claim was not only false but misrepresenting and contradictory to available facts. It insisted that the minister must withdraw the claim.

According to Amaechi, the loan was secured from a Chinese bank and the ministry is waiting for approval of the National Assembly to access the loan. He said that $1. 4 billion of the loan was for the construction of the rail gauge from Lagos to Ibadan, while $6. 1 billion would be used on Ibadan–Ilorin– Minna-Kaduna– Kano line.

The minister added that Kaura Namoda–Funtua rail line would also be revived. He added that the central rail project from Itakpe to Warri would be completed before the end of 2017, while narrow gauge line from Ilorin–Minna would also commence during the year.

Amaechi said plans were under way to connect Abuja to other parts of the country through the central line at Warri, while the Jos Inland Port would be completed in June, this year. He said that a Lagos-Ijebu- Ode-Ore-Benin-Asaba- Agbor-Onisha-Sapele-Yenagoa- Port Harcourt-Uyo and Calabar coastal rail line would be constructed.

He said that work on the Eastern rail flank linking Aba to Port Harcourt, Makurdi, Enugu and Jos, would commence in June.

The minister said that Ekiti would be linked by rail through Osogbo and would run to Ilorin, Minna and Kano. He also said that the ministry had sought approval to purchase more coaches and locomotives for the Abuja-Kaduna light rail.

Contrary to Amaechi’s claim, the Senate spokesperson said, no such loan request was before the Senate. “As at today, the only request for approval from the executive for loan was the one dated January 27, 2017 and signed by Acting President, Prof. Yemi Osinbajo.

“The request was seeking a `resolution of National Assembly for Issuance of one billion Euro Bond in the International Capital Market for funding of 2016 Budget Deficit’ and we immediately granted the approval. “Also, in the letter quoted above, the Government mentioned the two rail lines cited by the minister as part of the projects for which the Euro Bond will be utilized,” he said.

http://www.kikiotolu.com/2017/02/fg-secures-75bn-loan-from-china-for.html

Let's hope they spend it on the proposed project. Ion trust this govt 1 bit.

What a Clueless Govt...

Debt opon Dept.

Where are the recovered Loots

On Nigeria I Giveup.

Make dem borrow the money from the one wey dem see for ANDREW YAKUBU BUNKER

When will these people ever focus on projects that will build our economy and not the ones they'll use in stomaching money abroad?
If you care to know, these loans are tied to a project that will never develop third-world's economy! That's what they do so that you'll keep coming.
The last time I wrote something on it, it was deleted on twitter by the developed economy cos now they know few people are wise.
Whatever happened to Power? Mines and Steel? Revamping the education sector to meet with 21st century need?
Will the rail project be given to indigenous companies? Very soon, Sarathief will come online to campaign for "buy naija to grow the naira"

Our acclaimed leaders will get loans from them, award the contracts to them with a promise to get 10% from the awarded contracts and when they are about repatriating the fund, it'll go along with their 10% in an account the multinationals opened in their name in their country.
How will they ever want our indigenous companies to grow and some bastards will still come here to sing their praises!

Explain how you'll use such project to revive a recessed economy?

https://www.nairaland.com/3624014/very-clean-tokunbo-toyota-corolla#3624014.4

owo de

Good move.

During recesssion, it makes sense for Govt to borrow and spend on infrastructure and not recurrent expenditures like paying salary etc.

The infrastructure can pay back the loan if properly planned.

I hope they dnt steal this and keep in uncompleted building.

The headline is misleading

Dem don mortgage this country finish!




OK oooo

Observing with patience

Why dem no use recovered loots fund am shey liar mohammed talk say dem dey recover 1bn every month since 2015

H

Another money to squander.

Do this if you have not done it. http://www.dailyhitng.com/new-whatsapp-features-everybody-needs-to-turn-on/

fast traim from lagos to ibadan would be the only thing that makes sense


i should be able to travel from lagos to ibadan within 20 minutes

AntiWailer:
Good move.

Borrow and spend on infrastructure.

The infrastructure can pay back the loan.

Pay back in how many years? I hope you know that the FG is mortgaging the future of the next generation with all these loans?

Buhari has finally mortgaged Nigeria

This one wai Amechi dey smile for that foto so,d thief dey calculate how him go use embezzle more that half of that money.... Since the main thief dey London dey chill for hospital.... Useless, heartless thief's

All these loans you are getting,
Just put it to good use please.

Amaechi is working, waiters are wailing...

Lautechgossip:
The Federal Government has secured $7.5 billion loan for the construction of standard rail gauge from Lagos to Kano, an official has said. The $7.5 billion is part of the $30 billion loan the Federal Government seeks to take and for which it has sought approval from the National Assembly.
I'm
The Minister of Transportation, Rotimi Amaechi, who disclosed this on Monday at the North Central Town Hall meeting held in Ilorin for the people of Kogi, Niger and Kwara states, urged Nigerians to impress it on the National Assembly to approve the loan request so that the Federal Government can go ahead with the project.

But the Senate in a statement by its spokesperson, Aliyu Abdullahi, on Wednesday in Abuja, said that the minister’s claim was not only false but misrepresenting and contradictory to available facts. It insisted that the minister must withdraw the claim.

According to Amaechi, the loan was secured from a Chinese bank and the ministry is waiting for approval of the National Assembly to access the loan. He said that $1. 4 billion of the loan was for the construction of the rail gauge from Lagos to Ibadan, while $6. 1 billion would be used on Ibadan–Ilorin– Minna-Kaduna– Kano line.

The minister added that Kaura Namoda–Funtua rail line would also be revived. He added that the central rail project from Itakpe to Warri would be completed before the end of 2017, while narrow gauge line from Ilorin–Minna would also commence during the year.

Amaechi said plans were under way to connect Abuja to other parts of the country through the central line at Warri, while the Jos Inland Port would be completed in June, this year. He said that a Lagos-Ijebu- Ode-Ore-Benin-Asaba- Agbor-Onisha-Sapele-Yenagoa- Port Harcourt-Uyo and Calabar coastal rail line would be constructed.

He said that work on the Eastern rail flank linking Aba to Port Harcourt, Makurdi, Enugu and Jos, would commence in June.

The minister said that Ekiti would be linked by rail through Osogbo and would run to Ilorin, Minna and Kano. He also said that the ministry had sought approval to purchase more coaches and locomotives for the Abuja-Kaduna light rail.

Contrary to Amaechi’s claim, the Senate spokesperson said, no such loan request was before the Senate. “As at today, the only request for approval from the executive for loan was the one dated January 27, 2017 and signed by Acting President, Prof. Yemi Osinbajo.

“The request was seeking a `resolution of National Assembly for Issuance of one billion Euro Bond in the International Capital Market for funding of 2016 Budget Deficit’ and we immediately granted the approval. “Also, in the letter quoted above, the Government mentioned the two rail lines cited by the minister as part of the projects for which the Euro Bond will be utilized,” he said.

http://www.kikiotolu.com/2017/02/fg-secures-75bn-loan-from-china-for.html

APC's Money for 2019 elections has been secured.

My brother I tire for this country

Why is the Senator countering Amaechi's claims na?
E be like say they want to tell u another story again o. According to Tuface.

R

All na mouth. The more u look the less u see

Aburi001:
Amaechi is working, waiters are wailing...

One word
Zombie

smh for that country!


What will this benefit that country!!!!

What happened to steady light?
which can bring all sort of development to the country..

Since 1960?

philtex:
What a Clueless Govt...

Debt opon Dept.

Where are the recovered Loots

On Nigeria I Giveup.

Which nation on earth operates without borrowing.
Nigeria has given up on you.

darfay:


One word
Zombie

IPOB identified