Buhari Questions Ministry Over $1bn Loan Diversion

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President Muhammed Buhari on Monday, August
10, urged the Ministry of Finance to account for the
foreign loans aimed at the rail projects but used for
other purposes.

Buhari called for the explanation when he spoke at
the presidential villa after the presentation of the
Ministry of Transport, Premium Times reports.
The country leader lamented over diversion of loans
from one project to another and added:

“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.”


President Buhari specifically referred to the
$1.005billion loan received from the Chinese Exim
Bank for the construction of a rail line linking Lagos
with Kano. However, the money was used for some
other project.

The permanent secretary, who briefed the president,
said that only $400million of that sum remained with
the Ministry of Finance.

Buhari expressed disappointment that such situations
led to many projects having been left either
uncompleted or abandoned. He further stressed the
importance of prioritizing the ongoing projects in the
transportation sector.

In another development Nigeria’s number one
politician on Monday addressed the country elite
urging its representatives to “wake up” and help
Nigeria deal with its economic challenges.

Source:Naij

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