Buhari queries Okonjo-Iweala over diversion of $1bn rail transport loan

Related stories

2027: Your Endorsement of Tinubu Self Serving, Defect to APC-Party Scribe Tells Osun Senators

By Kolawole Ojebisi The All Progressives Congress National Secretary, Senator...

Trump, Ramaphosa in Heated White House Bi-lateral Meeting

Trump Makes Claims About "White Genocide" Ramophosa Counters...

IGP Launches Investigation into Death of WASSCE Student In Ibadan

By Abiola Olawale Following a heartbreaking deadly incident that happened...

Why I Wept Openly, Oloyede Speaks Again On 2025 UTME Fiasco

By Kolawole Ojebisi The registrar of the Joint Admissions and...

images (15)ABUJA- President Muhammed Buhari on Monday asked the Ministry of Finance to provide explanations on the whereabouts of the foreign loans obtained for rail projects but diverted to other purposes under the watch of former Minister of Finance, Dr. Okonjo Iweala.

The president directive followed an instance of the diversion of a substantial part of the loan of USD1.005 billion from the Chinese Exim Bank, meant for the construction of a standard gauge rail line linking Lagos and Kano States to somewhere else.

This was even as the Permanent Secretary, Ministry of Transport by the Permanent Secretary, Alhaji Mohammed Bashar informed the President that only $400 million id left of the loan.

Bashar made the revelation during a presentation of his ministry’s activities to president Buhari at the presidential villa.

He also briefed the President on some challenges facing the transport and maritime sectors such as encroachment on railway land, lack of security on inland waterways and some vague agreements between the Nigeria Ports Authority and ports concessionaires.

Reacting, President Buhari said that it was disappointing to find that foreign loans obtained in line with signed agreements were moved from one project to another.

“I hope that due process was followed before such diversions were carried out. Taking money from one project to another has to be done properly,” he warned.

The President regretted that government had, over the years, failed to meet its counterpart funding obligation on some projects, leading to such projects being left uncompleted or abandoned.

He added that there was a clear need to streamline, harmonize, and prioritize on-going projects in the transportation sector.

Hamilton Nwosa
Hamilton Nwosa
Hamilton Nwosa is an experienced, and committed communication, business, administrative, data and research specialist . His deep knowledge of the intersection between communication, business, data, and journalism are quite profound. His passion for professional excellence remains the guiding principle of his work, and in the course of his career spanning sectors such as administration, tourism, business management, communication and journalism, Hamilton has won key awards. He is a delightful writer, researcher and data analyst. He loves team-work, problem-solving, organizational management, communication strategy, and enjoys travelling. He can be reached at: hamilton_68@yahoo.com

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

[tds_leads input_placeholder="Your email address" btn_horiz_align="content-horiz-center" pp_msg="SSd2ZSUyMHJlYWQlMjBhbmQlMjBhY2NlcHQlMjB0aGUlMjAlM0NhJTIwaHJlZiUzRCUyMiUyMyUyMiUzRVByaXZhY3klMjBQb2xpY3klM0MlMkZhJTNFLg==" pp_checkbox="yes" tdc_css="eyJhbGwiOnsibWFyZ2luLXRvcCI6IjMwIiwibWFyZ2luLWJvdHRvbSI6IjQwIiwiZGlzcGxheSI6IiJ9LCJwb3J0cmFpdCI6eyJtYXJnaW4tdG9wIjoiMTUiLCJtYXJnaW4tYm90dG9tIjoiMjUiLCJkaXNwbGF5IjoiIn0sInBvcnRyYWl0X21heF93aWR0aCI6MTAxOCwicG9ydHJhaXRfbWluX3dpZHRoIjo3NjgsImxhbmRzY2FwZSI6eyJtYXJnaW4tdG9wIjoiMjAiLCJtYXJnaW4tYm90dG9tIjoiMzAiLCJkaXNwbGF5IjoiIn0sImxhbmRzY2FwZV9tYXhfd2lkdGgiOjExNDAsImxhbmRzY2FwZV9taW5fd2lkdGgiOjEwMTksInBob25lIjp7Im1hcmdpbi10b3AiOiIyMCIsImRpc3BsYXkiOiIifSwicGhvbmVfbWF4X3dpZHRoIjo3Njd9" display="column" gap="eyJhbGwiOiIyMCIsInBvcnRyYWl0IjoiMTAiLCJsYW5kc2NhcGUiOiIxNSJ9" f_msg_font_family="downtown-sans-serif-font_global" f_input_font_family="downtown-sans-serif-font_global" f_btn_font_family="downtown-sans-serif-font_global" f_pp_font_family="downtown-serif-font_global" f_pp_font_size="eyJhbGwiOiIxNSIsInBvcnRyYWl0IjoiMTEifQ==" f_btn_font_weight="700" f_btn_font_size="eyJhbGwiOiIxMyIsInBvcnRyYWl0IjoiMTEifQ==" f_btn_font_transform="uppercase" btn_text="Unlock All" btn_bg="#000000" btn_padd="eyJhbGwiOiIxOCIsImxhbmRzY2FwZSI6IjE0IiwicG9ydHJhaXQiOiIxNCJ9" input_padd="eyJhbGwiOiIxNSIsImxhbmRzY2FwZSI6IjEyIiwicG9ydHJhaXQiOiIxMCJ9" pp_check_color_a="#000000" f_pp_font_weight="600" pp_check_square="#000000" msg_composer="" pp_check_color="rgba(0,0,0,0.56)" msg_succ_radius="0" msg_err_radius="0" input_border="1" f_unsub_font_family="downtown-sans-serif-font_global" f_msg_font_size="eyJhbGwiOiIxMyIsInBvcnRyYWl0IjoiMTIifQ==" f_input_font_size="eyJhbGwiOiIxNCIsInBvcnRyYWl0IjoiMTIifQ==" f_input_font_weight="500" f_msg_font_weight="500" f_unsub_font_weight="500"]

Latest stories

Latest News
2027: Your Endorsement of Tinubu Self Serving, Defect to APC-Party Scribe Tells Osun SenatorsTrump, Ramaphosa in Heated White House Bi-lateral MeetingIGP Launches Investigation into Death of WASSCE Student In IbadanNigeria’s Political Landscape in the Fourth Republic: Challenges, Failures, and Unfulfilled PotentialWhy I Wept Openly, Oloyede Speaks Again On 2025 UTME Fiasco2027: Obi, Atiku, Others Reach Terms On Coalition, Says El-RufaiA Word For Babachir Lawal, By Chief Femi Fani-KayodeZulum Drops Bombshell: B'Haram Informants Among Politicians, Military PersonnelECOWAS At 50 : Gowon, Akinyemi Propose Ways To Reintegrate Mali, Niger, Burkina Faso'Absurd': Marco Rubio explains who can come to the US and who will be deportedCanada, China Express Differing Opinions As Trump Unveils $175bn ‘Golden Dome’ MissileExclusive! 2027: Adamawa Governor, Fintiri, Atiku’s Key Ally, Mulls DefectionAlex Otti's Camp Kicks As INEC Tips Abure's Ally, Moghalu for Anambra GuberAPI: How Criminals On INTERPOL's Watch List Were Arrested In Nigeria -- Tunji-OjoAfrica's Security: Kagame Hosts Scholar-Diplomat, Gambari, in Kigali
X whatsapp