Pres. Buhari writes National Assembly, seeks approval to borrow $5.851bn for railway projects
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April 26, 2017 ( Post 1 )
President Muhammadu Buhari has written a letter to the National Assembly, requesting for approval to borrow $5.851 billion for the upgrade of various sections of the Nigerian railway.
In the letter written separately to Senate President Bukola Saraki and Speaker of the house of representatives Yakubu Dogara, President Buhari asked for speedy consideration of his request so that his administration can access the China-African fund provided in the 2016-2018 external borrowing plan.
“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.
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