ABUJA- President Muhammed Buhari on Monday asked the Ministry of Finance to provide explanations on the whereabouts of the foreign loans obtained for rail projects but diverted to other purposes under the watch of former Minister of Finance, Dr. Okonjo Iweala.

The president directive followed an instance of the 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 to somewhere else.


This was even as the Permanent Secretary, Ministry of Transport by the Permanent Secretary, Alhaji Mohammed Bashar informed the President that only $400 million id left of the loan.

Bashar made the revelation during a presentation of his ministry’s activities to president Buhari at the presidential villa.
He also briefed the President on some challenges facing the transport and maritime sectors such as encroachment on railway land, lack of security on inland waterways and some vague agreements between the Nigeria Ports Authority and ports concessionaires.

Reacting, President Buhari said that it was disappointing 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.

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.

He added that there was a clear need to streamline, harmonize, and prioritize on-going projects in the transportation sector.



Source : www.vanguardngr.com/2015/08/buhari-queries-okonjo-iweala-over-diversion-of-1bn-rail-transport-loan/

Please she's innocent! She's known to be a woman of integrity till she got involved with GEJ

mecuzee:
Please she's innocent!

shes ur mother abi.... 10yrs imprisonment is d list she will get.. How far u don see d new anti-corruption committee?? DO uknow d person heading it i pity any mofo in corrupt scandal

Okonjo Iweala again? Madam wetin you use the money do na? You people want to give President Buhari sleepless nights in trying to recover stolen monies you took eh kwa?


Lalasticlala,come and see o!

Ngo baby, blame yourself for agreeing to work for GEJ.

Ngo baby, blame yourself for agreeing to work with GEJ.

I'm curiously awaiting the defence of the Wailers on this one.

When are the ibos finally going back to Biafra ?

dustmalik:
I'm curiously awaiting the defence of the Wailers on this one.

before the c0ck crows barcanista will deny this news 3 times.

ddippset:
before the c0ck crows barcanista will deny this news 3 times.

Won't be surprised if a part of it were used to fund the segment from Abuja to Kaduna.

She'd start stammering

You collected loan to da tune of $1billion...(Times dat amount to da current exchange raté of #200).....
.
For wateva reason you diverted $600,000,000 for wateva reason best known to u, weda congent or otherwise, and you tink you dont owe da people you govern any explaination.....What happened to da Word ACCOUNTABILITY?...
.
.
Wonder why naija is still struggling wit juz à meagre 4000MW of electricity generation...wen other nations are leavin da league of MEGAWATTS to GIGAWATTS generation....UNACCOUNTABILITY OF PUBLIC FUNDS

Why won't he query it when he did not go to school?

Simple Maths, he cannot solve!!

#BabaDaura

Maybe Obasanjo was right. Without supervision, NOI might be a real bull in a China shop

She don use am buy plenty kpuf kpuf and groundnut. Its evident on her cheeks

Buhari sld 4get abt d past Govtmnt focus nd change dis country as promise

OKONJO oya answer.....

Since when did the Ministry of Finance equate to NOI

Perhaps Buhari did not see the rails working and running all over the country ni?

eazydon:
At my backyard in Aba. our own train over here is very real. 2 times in a day it vibrates the ground.


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I just hope he will [size=13pt]not cancel all the good, progressive work of Jonathan[/size] like he did for Jakande's work on the Lagos metro in 1984!



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Following

Madam come and answer o

Baba i agree with you on this one jail this woman and Alison her partner

Good one. Thank God we got it right this time in Nigeria by voting PMB.


Read my signature.

chudionu58:
Won't be surprised if a part of it were used to fund the segment from Abuja to Kaduna.

Stupidd remark

OBJ have said it all

Okonjo that worked under OBJ is different from the one that worked under GEJ

So sad

Hhhhmmm
Diversion, prolly to fund electioneering campaigns.

OBJ was definitely right about NOI needing supervision to perform, confirmations are spilling out.

A few days ago I told nairalanders about the meeting I sat in with President Buhari. My brothers and sisters, if you missed out on that article titled Intense/fearful Revelation From My Meeting With PMB - Cramjones https://www.nairaland.com/2509817/intense-fearful-revelation-meeting-pmb

Please read it. This is just a tip of the iceberg. You will be shocked when you see the breakdown of how Dezieani under the watch of GEJ diverted at least $9 billion to different foreign accounts. Do you think it is a coincidence that GEJ met Buhari a few days ago? Do you think it is a coincident OBJ met Buhari a few days ago? Do you think it is a coincidence that Deziani is in London claiming ill? Do you think it is a coincidence that our foreign reserves miraculously increased to $31.5 billion since Buhari came to power.

I will be releaveling more, as we go deep into the rot and evil GEJ and his people perpetuated on Nigeria.

In the meantime, Madam Ngo, please just kindly return the $600 million, the Buhari I saw last week will go come for you with all he has! So madam just cooporate and please return it.

-CramJones

Change is here! This is one thing I admire about buhari to be honest! He is upright and means business...Jonathans tenure was a kleptocracy....

GEJ instructed her to divert the loan!

Spreads mat. . . .