The Federal Government of Nigeria in a bid to complete ongoing rail projects across the country is seeking loans from Chinese, Portuguese, and Turkish financial institutions.
Minister of Transport, Mu’azu Sambo, in a statement to the Joint National Assembly Committee on Land and Marine Transport, chaired by Senator Danjuma Goje, stated thus:
“Currently, the implementation of the Kaduna-Kano, Port Harcourt to Maiduguri and Kano – Maradi Segments of the Railway Modernization is ongoing with the Federal Government counterpart funding in the 2022 appropriation.
“The Ministry hopes that the Federal Ministry of Finance concludes negotiation of the loans with infrastructure development finance institutions of Chinese, Portuguese and Turkish origin to implement the projects.
“To ensure finalising and signing of the loan agreements, evidence of source of funding of the balance of the advance payment and other aspects of work to be financed directly by the Federal Government has to be made available to these financial institutions through adequate budgetary provisions in the year 2023 budget and subsequent budgets.”