FG Targets Loans From China, Portugal, Turkey To Complete Rail Projects — Transportation Minister

Mu'azu Jaji Sambo, the Minister of Transportation, has stated that the President Muhammadu Buhari-led administration hopes to complete ongoing rail projects across the country with multi-billion dollar loans from financial institutions based in China, Portugal, and Turkey.The minister mentioned this when he appeared before the Joint National Assembly Committee on Land and Marine Transport, chaired by Senator Danjuma Goje on Thursday, adding that his ministry was focused on completing the Nigeria Railway Modernisation project.

He said, “Currently, the implementation of the Kaduna-Kano, Port Harcourt to Maiduguri and Kano-Maradi segments of the Railway Modernization is ongoing with the federal government counterpart funding in the 2022 appropriation.

“The ministry hopes that the Federal Ministry of Finance concludes negotiation of the loans with infrastructure development finance institutions of the Chinese, Portuguese and Turkish origin to implement the projects.

“To ensure finalising and signing of the loan agreements, evidence of source of funding of the balance of the advance payment and other aspects of work to be financed directly by the federal government has to be made available to these financial institutions through adequate budgetary provisions in the year 2023 budget and subsequent budgets."

Ondomind