Home Business Senate approves China Exim Bank’s $1.8bn loan for railway project

Senate approves China Exim Bank’s $1.8bn loan for railway project

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The Senate on Thursday approved part of the 2016-2018 External Borrowing Plan as it pertained to the Lagos – Kano railway modernization project (Lagos-Ibadan, Segment double truck).

The upper chamber also endorsed the World Bank supported project on the reconstruction and rehabilitation of the North-East region totaling $1.806 billion.

This followed the submission and consideration of the report of the Senate committee on Local and Foreign Debts on the proposed Federal Government 2016-2018 External Borrowing (Rolling) Plan presented by Chairman of the Committee, Senator Shehu Sani.

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Sani, in his report noted that the committee resolved to consider the railway project due to its importance and urgency to fast track the development of critical infrastructures in the country.

He said rail system plays a pivotal role in socio- economic development, adding that effective railway service in Nigeria cannot be over emphasized in the present millennium

He explained that the committee while considering aspect of the plan received briefs from officials including Ministers of Transportation, Finance, Director General of the Debt Management Office, Chairman of Fiscal Responsibility Commission and the Managing Director of the Nigeria Railway Corporation (NRC).

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He said the proposed projects to be financed by the China Exim Bank included Lagos-Kano Railway Modernization project (Lagos-Ibadan segment); Lagos-Kano Railway modernization project (Kano-Kaduna segment) and Coastal Railway project (Lagos-Calabar segment).

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