President Buhari has order the Ministry of Finance to explain the whereabouts of $1bn loan, money meant for rail construction diverted for other purpose under the the watch of Okonjo Iweala, former Minister of Finance.
The money in question was a loan from a Chinese Exim Bank,proposed for the Construction of Lagos Kano rail connection.
The Permanent Secretary Ministry of Transport Alhaji Mohammed Bashar, while presenting the activities of his ministry to the President made the revelation that only $400m was left of the loan.
President Buhari reacting, said it was disappointing to find foreign loan obtained being diverted to other projects
“I hope that due process was followed before such diversions were carried out. Taking money from one project to another has to be done properly,” he warned
He regretted that government had, over the years, failed to meet its counterpart funding obligation on some projects, leading to such projects being left uncompleted or abandoned.
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