Nigeria Has Borrowed 1.1 Trillion Naira For Railway, Airports Projects
Between 2011 and 2018, Nigeria has borrowed some 3.1 billion dollars, about 1.1 trillion naira for several railway and airport projects across Nigeria.
It was learnt that $1.6 billion was borrowed by the current government for the construction of a standard gauge Lagos-Ibadan rail line, while the previous government of former President Goodluck Jonathan reportedly collected $500 million and $800 million loans for airport upgrade and the Abuja-Kaduna new rail line, respectively.
In 2013, the Federal Government secured the $500 million loan from China for the construction of four international airport terminals in Abuja, Kano, Lagos and Port Harcourt, after signing a Memorandum of Understanding with China Exim Bank.
The MoU for the loan was signed in Beijing, China, and it was for the delivery of the four new International airport terminals to Nigerians, and to be constructed by the China Civil Engineering Construction Corporation.
The Minister of Transportation, Rotimi Amaechi, while also confirming the loans, said a total of $1 billion loan was taken to complete the Abuja-Kaduna standard gauge rail line whose operation was recently inaugurated by President Buhari.
The minister also said that the Federal Government was working out plans for the commencement of the proposed new Ibadan-Kaduna rail line.
Amaechi, who confirmed this in a recent interview with journalists, specifically stated that the Ibadan-Kaduna railway project would be constructed by the CCECC, adding that the contract had been signed.
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