FORMER Co-ordinating Minister of the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, has denied the alleged diversion of $1billion loan obtained from the China-EximBank by the Jonathan administration for a Kano-Lagos rail. She said the Kano-Lagos project was not among the projects presented for funding by the bank for several strategic infrastructural projects across the country.
In a statement, her Media Adviser, Mr. Paul Nwabuikwu, said it was the Lagos–Ibadan rail project, not Lagos-Kano rail project that was proposed in the original application to the China-EximBank. She said that no funds were assigned for the Lagos-Ibadan rail project by the China-EximBank.
According to him, Kano-Lagos rail project was not funded by the bank, adding that China-EximBank keeps and disburses funds for approved projects to contractors based on milestones and funds are not domiciled with Finance Ministry.
The Permanent Secretary, Ministry of Transport, Alhaji Mohammed Bashar, has said that a substantial part of a $1billion loan obtained from the China-EximBank by the Jonathan administration for a Kano- Lagos rail project was diverted to other projects. He spoke when he visited President Muhammadu Buhari at the State House, Abuja recently.
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