President Muhammed
Buhari on Monday demanded explanation from the Ministry of Finance on the
whereabouts of the foreign loans obtained for rail projects.
The loan was reportedly
siphoned under the watchful eyes of immediate past Minister of Finance, Dr.
Okonjo Iweala.
Buhari’s directive
followed the alleged 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.
Relatively, the
Permanent Secretary, Ministry of Transport by the Permanent Secretary, Alhaji
Mohammed Bashar informed the President that only $400 million was left of the
loan.
Bashar made the
revelation during a presentation of his ministry’s activities to president
Buhari at the presidential villa.
Reacting, President
Buhari said that it was unfortunate 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.
Vanguard reports that
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.
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