Buhari Still Owes Chinese Firm 9 Billion Naira For Abuja Light Rail
So, the Abuja Light rail is expected to be inaugurated for commercial services on Thursday by President Muhammadu Buhari. A great feat that Buhari’s APC-led federal government must be proud of.
But it has come to light that the federal government is still owing the Chinese company, China Civil Engineering Construction Company, CCECC that handled the project.
CCECC said the Federal Government has not provided its own part of the funding which is 9 billion naira for the Abuja light rail project.
The project will be inaugurated for commercial services by President Muhammadu Buhari on Thursday.
The firm stated that the project, which began in May 2007, was challenged by inconsistent funding.
The CCECC Managing Director, Jack Li, said this to journalists in Abuja barely 24 hours to the inauguration of the completed phase one of Abuja light rail by President Muhammadu Buhari.
The 45.245km standard gauge rail line, which runs between the Nnamdi Azikiwe International Airport and the Abuja Metro Station, is said to be the first of its kind in West Africa.
Giving a background to the project, the CCECC MD explained that it was fully funded with the $500 million loan advanced by the China EXIM Bank.
Responding to questions about the funding of the project, Li said, “The counterpart funding of 9 billion naira from the government has not been paid; inconsistent funding is a major challenge to the effective execution of the project.”