The Federal Government has vowed to get multi-billion-dollar loans from Chinese, Portuguese and Turkish financial institutions to complete the ongoing rail projects across the country.
This commitment was given by the Minister of Transportation when he appeared before the Joint National Assembly Committee on Land and Marine Transport in Abuja on 3rd of November.
The minister disclosed that the railway network was being progressively expanded through yearly budgetary appropriations since the FG was facing challenges in securing counterpart funding through loans.
“Currently, the implementation of the Kaduna-Kano, Port Harcourt to Maiduguri and Kano – Maradi Segments of the Railway Modernization is ongoing with the FG counterpart funding in the 2022 appropriation.
The Ministry hopes for the conclusion of the negotiation of the loans with infrastructure development finance institutions of the Chinese, Portuguese and Turkish origin to implement the projects” he said.
