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President Muhammadu Buhari queries Finance Ministry

President Buhari has asked the Ministry of Finance to explain why foreign loans obtained in line with signed agreements for various key rail projects by the federal government were diverted for other purposes. Describing the practice as disappointing, the President was reacting to the specific instance of the diversion of a substantial part of a $1.005 billion loan from the Chinese Exim Bank in 2012, obtained under the President Goodluck Jonathan 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 USD 400 million of that loan remained with the Ministry of Finance.

Photo Credit: 
Punch Newspapers

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