China has approved and will disburse its 85 per cent loan required to fund the $2.6bn Ajaokuta-Kaduna-Kano gas pipeline project, the Federal Government announced on Tuesday.

Minister of Finance, Budget and National Planning, Zainab Ahmed, and Group Managing Director, Nigerian National Petroleum Corporation, Mele Kyari, announced this during the inspection of the project in Ajaokuta, Kogi State.

The AKK pipeline project, flagged off in July this year, is 85 per cent funded by the Bank of China and Sinosure, a Chinese export and credit insurance corporation, while the Federal Government, represented by NNPC, provides 15 per cent equity.

Brentex/China Petroleum Pipeline Bureau-CPP Consortia and Oilserve/China First Highway Engineering Company-CFHEC Consortia were announced as the Engineering Procurement and Construction contractors for the project.

Speaking on the side-lines of the project inspection on Tuesday, Ahmed said, “We have to give a sovereign guarantee to the lender so that the loan is concluded.

“I’m glad to say that the loan has been concluded and very soon, the disbursement will start.”

She said the project was being delivered on time and on course, adding that despite the slowdown in economic activities, the project had not slowed down and work had not stopped for one day.

“We are glad that gas is being piped across this line from Ajaokuta to Kaduna to Kano. This will help to revive industries in those parts of the country and create jobs,” Ahmed said.

On his part, Kyari said nothing would stop the project except force majeure or an act of God.

This, he said, was because the Bank of China had approved the loan and the project would continue till its financial close.

“This project has not stopped for one day since it started. We will complete this project on time, on schedule and on cost. We will deliver this project,” he said.

On the composition of the loan for the project, the NNPC boss said, “We borrowed money, 85 per cent of the total project scope as loan and then we provided 15 per cent as equity from NNPC’s own resources.

“So the 85 per cent that will come from our Chinese partners will be available for draw down.”

He said security was being built around the pipeline, which include the deployment of optic fibre lines that would run parallel to the pipeline such that at any infraction, the corporation would know about it and respond.

“More importantly we are using the best of technology so that we will bury the pipes deeper than normal and we don’t think that there is any high level of risk associated with this pipeline,” Kyari said.

On repayment of the Chinese loan, he said it was part of the loan plan, adding that as soon as gas starts flowing through the line, the revenue from it including existing revenue streams would be used to pay the loan.

https://m.punchng.com/News/China-approves-loan-for-$2.6bn-AKK-gas-pipeline

Stupid

Igbochief001, where do you think the gas is coming from? (attached pics is ur reference)

You don't know anything, we will all milked ourselves dry in this country (since everyone wants to be stupid)
Una wan sabotage SW/Lagos special status.

Wtf

imagine being stupid enough to borrow money to build a pipeline. I also like how none to the 'pipelines' match the 'demand lines' lol.

Niger Delta powering the north once again yet we can't even get this junta to continue the east-west road project since 2015. Buhari no try at all but....

It could only Get better!
Oh no!

It could only Get worse!
Oh no!

It could only Get better!

China republic of nigeria

Okay then..

Meanwhile, take your business to the peak today.. Register your Business, Church and Company with the CAC today! Obtain your TIN. Check our signature and page for more details.

Offer lasts for a limited period only.

Not a bad loan. The pipeline is a revenue generating one.

She said the project was being delivered on time and on course, adding that despite the slowdown in economic activities, the project had not slowed down and work had not stopped for one day.

“We are glad that gas is being piped across this line from Ajaokuta to Kaduna to Kano. This will help to revive industries in those parts of the country and create jobs,” Ahmed said.

Nigeria must move forward....

GentleRay:
I'm happy for the first time in many years, a federal project will be sited in my state Kogi.

I am personally so happy for u

Before 2023 1Dollar will be #1500

positivevibez:
China republic of nigeria

Ah!Ah!!!!!......

NafeesaAA:

I almost called u a big foolish fool with ur comment but I wouldn't want to judge ur stupidity and foolishness without actually knowing if ur really a fool in person or just on Nairaland

Stop allowing people's comment to get to you on social media.
Do not react to everything you read.
Do that and you will live a peaceful life and have a wonderful festive season.
Many people are frustrated in this world, especially this year 2020.
They must vent and release the steam you know

lekspot01:

Nafisatu kilodeeeee, what has he done for u Na?

if she get hammer for hand and d boy dey there, she fit nack am o, without looking uche face

NafeesaAA:



I almost called u a big foolish fool with ur comment but I wouldn't want to judge ur stupidity and foolishness without actually knowing if ur really a fool in person or just on Nairaland

Of course to the North....again


There is no end to this northern development at the expense of the southern future generations.

Meanwhile CBN cannot buy enough gold from them to fund their Northern projects?

And some fools were calling peter obi HIM TU LI, just because he told them the bitter truth during presidential debate.. Hypothetical party with zombies.... It shall never be well with of you

Animals

We dey play for South

Gbese re o, we no dey tire.

why this huge amount of money on loan they should kukuma use rubber pipe now is cheaper ;Dwhy this huge amount of money on loan they should kukuma use rubber pipe now is cheaper

borrow borrow makes me rich but in Nigeria it's borrow borrow makes me poor.

Who will pay all these debts?

And Nigeria keeps borrowing

Nigeria should try and borrow sense

Debtgeria.
How sad to know that my great grandchildren and even their own grandchildren may be liable to pay this loans simply because some eternal nonentities fell for a glaring scam not once, but twice in a row!!

NafeesaAA:



I almost called u a big foolish fool with ur comment but I wouldn't want to judge ur stupidity and foolishness without actually knowing if ur really a fool in person or just on Nairaland

Nafisatu kilodeeeee, what has he done for u Na?

maybe by 2023 we would sell nigeria to china

adenigga:


https://m.punchng.com/News/China-approves-loan-for-$2.6bn-AKK-gas-pipeline

These people want to make sure they borrow till there's nothing to borrow then they put Nigeria in flames. They want to make sure they'll be the last people to rule Nigeria

Where will the gas come from ?