FG awaits $5.3bn Chinese loan for Ibadan-Kano rail line
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By Dirisu Yakubu
The federal government will begin work on the construction of the Ibadan-Kano rail project as soon as the Chinese government approves the sum of $5.3bn loan application, Minister of Transportation, Rotimi Amaechi has said.
Amaechi, stated this as a guest of the Nigeria Television Authority, NTA, Weekend Deal Programme, monitored by our correspondent in Abuja.
He said: “We are waiting for the Chinese government and bank to approve the $5.3bn to construct the Ibadan-Kano. What was approved a year ago was the contract.
“The moment I announced that the federal government had awarded a contract of $5.3bn to the China Civil Engineering Construction Corporation, CCECC to construct Ibadan-Kano; they assumed the money had come in. No!
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The federal government would commence the Ibadan to Kano rail project immediately after the Chinese government approves its $5.3 billion loan to Nigeria, the Minister of Transportation, Rotimi Amaechi, has said.
To complete all its planned rail projects, Nigeria has relied largely on loans from the Chinese government.
The minister said other investors who showed interest in helping Nigeria developed cold feet later.
Speaking on NTA Weekend Deal Programme in Abuja, the official said the federal government had already approved the contract.
“We are waiting for the Chinese government and bank to approve the $5.3 billion to construct the Ibadan-Kano. What was approved a year ago was the contract.