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Buhari probes diversion of ‘$600m’ rail funds

Buhari probes diversion of ‘$600m’ rail funds
August 10
18:35 2015
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President Muhammadu Buhari has called for an explanation from the ministry of finance on the foreign loans obtained for rail projects but diverted to other purposes.

Speaking at the end of a presentation on the ministry of transport by the permanent secretary, Mohammed Bashar at the presidential villa, Abuja, Buhari expressed disappointment at discovering that foreign loans obtained in line with signed agreements were moved from one project to another.

The loan was $1.005 billion, but only $400 million was left with the ministry of finance.

“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.

According to Garba Shehu, presidential spokesman, Buhari was reacting to the specific instance of the diversion of a substantial part of the loan of $1.005 billion from the Chinese Exim Bank, obtained for the construction of a standard gauge rail line linking Lagos to Kano, but which was moved elsewhere.

“The permanent secretary had informed the president that only $400 million of that loan remained with the ministry of finance,” Shehu said.

“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.

“The permanent secretary of the ministry also briefed the president on other challenges facing the transport and maritime sectors such as encroachment on railway land, lack of security on inland waterways and the confused nature of agreements between the Nigeria Ports Authority and ports concessionaires.”

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Exchange Rates

November 16, 2018USDGBPEUR
INTERBANK306397354
LAGOS359475418
KANO359476420
PH360476420
ABUJA359478419
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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