Pres. Buhari writes National Assembly, seeks approval to borrow $5.851bn for railway projects


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.
According to President Buhari, the loan which is limited, is made open for all countries in the continent and it is award to any country on first come, first service basis. The letter in part reads

“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.

China Exim supported projects; Lagos-Kano modernisation projects, Lagos-Ibadan segment $1.231 billion; Lagos-Kano railway modernisation project, Kano-Kaduna segment $1.146 billion and coastal railway project, the Lagos-Calabar segment 3.474 billion, making a total of 5.851 billion. As you are aware the funds available under the China-African fund are limited and loan applications from all over Africa countries are funded based on first come, first serve and therefore there is an urgent need to sign these loans as soon as they are approved or we may loose out in the event that we delayed in signing the loan agreement.

These loans form part of the overall money for the rail strategy. We are in the process of completing the concession of the port Harcourt Maiduguri line to immediately link the eastern part of the nation. We fully intend to source further concessioning funding to ultimately upgrade this critical line to high speed standard gauge. These projects form the overall plan to resuscitate the rail transport across the nation and thereby drive inclusive growth”.



SOURCE: http://www.jamienaija.com/2017/04/pres-buhari-writes-national-assembly.html

Borrow borrow make me shine,but this herdsman no fit shine.
What happens to all the recovered loots,have theu been relooted

They should just handover our railways to the Chinese to build - operate - privatize after 100 years with privatization to involve listing on the Stock Exchange both in China and Nigeria.

Hmmmmm.

Check my profile for any house you may need in ago-palace, amuwo odofin/festac, isolo etc. Very conducive and secured environment.

Buhari is now a vegetable at home
It's high time we all woke up
The cabal are now running this country
They want money
They want to borrow
They want to loot

Nigeria has been hijacked
Nigeria is in trouble

hisss

rather than saying buhari, just change d headline to "Our ghost president writes" or "our sit at home president writes"... Construct which railway, d one leading to d office in his house or some other place? only God knows how much I dislike d way Dis government is being run... National assembly, please demand his presence to defend Dis budget... he shudnt b at home controlling Dis nation.. we didn't elect a sit at home president...

$5 billion Buhari just place Nigeria on OLX

This topic should read, "Cabal writes National Assembly, seeks to borrow $5.851bn".

We all know Buhari is just all bones on his sick bed, they just brought him back to Nigeria so that they can use his presence to issue anything they want for themselves.

it's borrowing time, "Buhari" is being mentioned instead of "presidency"

Which of them did the writing? IS it the president or the presidency

Hmmm.. PMP is the most annoying person Dis year,,

No wonder, Northerners declare support for Fayose

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Nigeria and Nigerians need a modern and functional railway.

2019 campaign funds loading. . .

989900:
This should be examined and approved -- expresso!

This would unlock great unlimited economic possibilities across the country.

That's if it's not embezzled as usual

These guys are desperately trying to build a monetary fund for 2019. Instead of seeking loans. Why can't the railway projects be structured under a BOOT(Build Own Operate Transfer) arrangement

Make NASS no approve am o...
Na cabal won chop am.
Buhari de for life support

Don't borrow him a dine, buhari you are sick,we all know it the Cabals that need the money....but wait oh,have you no sense?

borrow borrow

This cabals should release buhari and let him rest......... #wewanttoseeourpresident#

eyeview:
This topic should read, "Cabal writes National Assembly, seeks to borrow $5.851bn".

We all know Buhari is just all bones on his sick bed, they just brought him back to Nigeria so that they can use his presence to issue anything they want for themselves.

All in the name of the President! Buhari is now ruling the country by proxy. Cabals have taken over his government.

has the judas minister of transport, rothiefmi amaechi accounted for 2016 budget money he spent? yet he wants more more cus $43m don waka

Addicted2Women:

He wants to steal borrow 78 billion naira ??

Please, don't borrow any money to that 98 years old donkey

He wants to buy ammunitions for his Boko boys, they're running out of ammunitions

shottahfuck up u gay!

Did Mr President write the NASS from home?

Hope the money won't be utilised to offset his overseas medical bill.
I am in my house working from home comman beat me

abbaapple:



shottahfuck up u gay!

Okay, Fulani herdsman

Hmmm.

So he thinks he can borrow such a large sum when no one is sure of his whereabouts?

nigeria matter done tire me