The Federal Government has told the National Assembly that they hoped to complete the ongoing railway projects across the country with multi-billion dollar loans from financial institutions based in China, Portugal, and Turkey.
According to the FG, it was committed to the implementation of the Nigeria Railway modernization project at hand.
![FG set to borrow from China, Portugal, Turkey to complete ongoing rail projects](https://jaybesttrends.com/wp-content/uploads/2022/11/IMG-20221103-WA0017.jpg)
Speaking on today in Abuja when he appeared before the Joint National Assembly Committee on Land and Marine Transport, spearheaded by Senator Danjuma Goje, All Progressives Congress,
Gombe Central, Minister of Transportation, Mu’azu Jaji Sambo said that the Railway network was being progressively expanded through yearly budgetary appropriations since the Federal Government was facing challenges in securing counterpart funding through loans. Check out Ebola cases in Nigeria 2022
Sambo said, “Currently, the implementation of the Kaduna to 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 its proper procedure of the loans with infrastructure development finance institutions of Chinese, Portuguese, and Turkish origin to implement the projects.
“To make sure of the finalizing 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 available to these financial institutions through enough budgetary provisions in the year 2023 budget and in budgets to come.“
The Minister also explained that the Lagos to Ibadan segment of the Lagos to Kano and Itakpe to Warri railway projects were fully operational and receiving patronage from the general public, adding that to reach practical completion on the projects, some aspects of works, including construction of overpass bridges, in connection to the national grid and other ancillary provisions has to be completed.
He said, “Adequate funds need to be provided in the 2023 budget to facilitate the practical completion of the projects.”
The Minister who related the sad occurrence on the Abuja to Kaduna Rail incident earlier in the year, said that plans are ongoing to resume service there, adding, “With the release of those abducted, the Ministry plans to commence operation on the line, but with proper precaution.
Mr Sambo explained that necessary security gadgets would be installed to monitor the line and forestall a reoccurrence, and expressed the hope that members of the National Assembly would assist the Ministry of Finance in achieving the plan.
He told the lawmakers that his ministry had proposed a total capital budget of N92, 251,422,746 and overhead of N382, 185, 472, adding that the total capital appropriation of the Ministry for 2022 was N147,549,080,677 out of which N52,134,727,253.22 representing 35.33% had been released to date.
He said that N38,904,208,345 has been well used as of 25th October, 2022. In addition, the total sum of N358,799,998 was appropriated for Overhead expenses out of which N209, 299,998.81 was released, adding that the sum of N180, 623,089.34 of the released amount was expended as at 25th October, 2022.
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