President Muhammadu Buhari has again written to the National Assembly, seeking the approval to borrow $5.851bn for the upgrade of various sections of the Nigerian railway.



This was contained in a letter to the leadership of the National Assembly, Senator Bukola Saraki and Yakubu Dogara.


Reading the letter during plenary on Wednesday, Dogara quoted the President as pleading with lawmakers to approve the loan on time.

Buhari said the timely approval will enable the country access the China-African fund provided for in the 2016-2018 external borrowing plan.

According to Buhari, the project form part of the overall plan to resuscitate the rail transport across the country and drive economic growth.


The letter 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.”

http://www.gistpeeps.com/2017/04/buhari-writes-nass-again-seeks-approval-to-borrow-5.851bn-foreign-loan.html

Source?

Always borrowing

I am beginning to think some the cabal is writing letters on behalf of our president

The NASS must not approve the loan.

Each time I hear the FG is going to borrow my heart just skips a beat.....all this debt they are accumulating for our unborn generation, Lord have mercy

Which Buhari!

Abi some people are trying to arrange funds in case of the demise of PMB.

They should investigate the signature very well

madridguy:
The NASS must not approve the loan.

Wait, what?

madridguy:
The NASS must not approve the loan.

BMC don provoke!!

Oboi dem delay salary? Lol

The cabal wanna grab all they can grab before the breaking news is announced. .

But e no go work!

which Buhari,

is it the one we have not seen for almost a month now.

I think the cabals are milking Nigeria dry using Buhari as a proxy

If working at home would make Nigeria Great no problem.

But we need early elections sha

Certainly God will punish the senseless apc people for their senselessness.

Very useless government.

Keneking:
If working at home would make Nigeria Great no problem.

But we need early elections sha

Pls this is cabal writing, not Buhari oh, Dem wan organize funds for some kind things, gee boys dey everywhere even in asorockabal.

Borrow.... President one chance