President Muhammadu Buhari on Wednesday wrote to the National Assembly, seeking approval to borrow a fresh $5.851bn foreign loan 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 and obtained exclusively by TheNewsGuru.com.
In the letter, Buhari sought the approval of the lawmakers to borrow a total of $5.851 billion from China to fund Nigeria’s railway projects.
The president however urged the lawmakers to fast track the approval to enable Nigeria access the China-Africa fund package already included in 2016-2018 external borrowing plan which was forwarded to the National Assembly last August.
TheNewsGuru.com reports that the Senate had rejected the borrowing plan entirely in November last year.
Buhari further explained that the funds accessible under the package are limited and that applications from other African countries are treated on ‘first come first serve’ basis.
Buhari stated in the letter: “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.
“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.
TheNewsGuru.com reports that the President also repeated his request for endorsement of the $575 million loan from the World Bank to tackle infrastructural collapse and combat polio outbreak in Nigeria’s North-East ravaged by Boko Haram terrorism.
Out of the total package of $575 million, $125 million is for the polio emergency, while $450 million is to assist Nigeria in the reconstruction and rehabilitation efforts in the North-East.
