Buhari’s $5.815bn Chinese loan request suffers setback as Senate questions Amaechi over exclusion of Eastern corridor

Date:

President Muhammadu Buhari’s bid to get the National Assembly approval for the proposed $5.815 billion loan from China Exim Bank suffered setback in the Senate on Tuesday.

Thank you for reading this post, don't forget to subscribe!

The Federal Government plans to use the loan to execute several rail projects in the country.

Following a motion by Senator Enyinnaya Abaribe (Abia South), the Senate resolved to invite the Minister of Transportation, Rotimi Amaechi, to explain why Southeast corridor rail line was omitted from the areas covered by the proposed loan.

The upper chamber, however, rejected a motion, urging the lawmakers to suspend consideration of the loan request pending correction of the oversight.

The motion entitled: “Outright Omission of Eastern Corridor Rail Line in the request for approval of Federal Government’s 2016-2015 External Borrowing (Rolling Plan)” was hotly debated on the floor of the Senate.

Abaribe, in his lead debate, recalled that on April 26 the Federal Government laid before the National Assembly a request seeking an approval for a loan of $5,851 billion from China Exim Bank to execute the modernisation of Lagos-Kano, Kano-Kaduna, Lagos-Ibadan and Lagos-Calabar rail segment.

He observed with dismay that the project covers only the western corridor of the country.

The Abia South lawmaker noted that the eastern section of the rail segment linking the Southeast to Northeast parts of the rail line is completely excluded from the request.

Abaribe urged the Senate to invite Amaechi to come and explain the reasons for the exclusion of the Eastern corridor from the proposed loan from the Chinese bank.

Naija247news
Naija247newshttps://www.naija247news.com/
Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

Share post:

Subscribe

Popular

More like this
Related

Access Holdings to pay N1.80 as final dividend to shareholder

March 28, 2024. Azonuchechi Chukwu. Access Holdings has revealed plans to...

Police gun down two notorious bandits in Benue

March 28, 2024. Azonuchechi Chukwu. Men of Operation Zenda, a Joint...

Army declares eight wanted in connection with the k!lling of its officers in Okuama

March 28, 2024. Azonuchechi Chukwu. The Nigerian Army has declared eight...

Naira Appreciates Against Dollar at the NAFEM Window

March 28, 2024. Azonuchechi Chukwu. The Naira’s euphoric appreciation against the...
Social Media Auto Publish Powered By : XYZScripts.com

Discover more from Naija247news

Subscribe now to keep reading and get access to the full archive.

Continue reading