FG TO BORROW $6.1BN FROM CHINESE EXIM BANK

The Federal Government has concluded plans to borrow $6.1 billion from Chinese Exim Bank to complete all rail projects in the country by 2019.

The Minister of Transportation, Rotimi Amaechi, disclosed this on Monday in Abuja.

According to a statement issued by Yetunde Sonaike, the Ministry’s Director of Public Relations, Mr. Amaechi was said to have made this known during the Ministry’s 2017 budget proposal defence at the National Assembly in Abuja.

Mr. Amaechi said that the Federal Government had targeted the construction of Lagos – Ibadan, Ibadan-Abuja, Kano – Kaduna standard gauge rail projects and the first phase of the Coastal Rail (Lagos-Calabar) in the 2017 budget.

He said that President Muhammadu Buhari insisted that all rail projects in the country that had been awarded by previous administrations must be resuscitated and completed on or before the December 2019.

Mr. Amaechi said that rail projects needed to be completed due to the economic importance of these projects and the benefits to be derived by the generality of Nigerians.

“Our plan is to complete the rail projects in 2019.

“Once our borrowing plan of $6.1 billion from the Chinese EXIM Bank is approved by the National Assembly, we will be able to access the loan from the Chinese Government and work will commence in earnest.