FG to spend $4.9bn fresh loans on Kano-Niger Republic rail line, others
A standard gauge rail being planned from Kano State in Nigeria to Maradi in Niger Republic is one of the projects the President, Major General Muhammadu Buhari (retd.), plans to fund with the fresh external loans he is asking the National Assembly to approve for his regime, The PUNCH has learnt.
He also sought the legislature’s approval for grant components of $125m in the 2018-2020 external rolling borrowing plan.These were contained in a letter addressed to both chambers of the National Assembly and read on the floor at the resumption of plenary by the presiding officers Messrs Ahmad Lawan and Femi Gbajabiamila (Senate President and Speaker of House of Representatives respectively) on Tuesday.
Buhari, in the letter, dated August 24, 2021, explained that the projects listed in the 2018-2021 Federal Government Borrowing Plan would be financed through sovereign loans from the World Bank, French Development Agency, EXIM Bank International Fund for Agricultural Development, Credit Suisse Group and Standard Chattered/China Export and Credit in the total sum of $4,054,476,863 and €710m (839m) and grant components of $125m.
According to the President, summary of some key projects in each of the six geopolitical zones that will be funded by the loans and a summary on the expected impacts on the socioeconomic development of each of the six geopolitical zones were attached to the letter. headtopics.com
According to the breakdown obtained exclusively by one of our correspondents from the Ministry of Finance, Budget and National Planning, five international bodies will jointly provide the $4,054,476,863 component of the loan.They include the World Bank -$3,250,000,000; China Exim Bank -$225,120,000; IFAD- $50,000,000; European ECA/KfW/IPEX/APC -$190,255,276; Bank of China -$276,981,587; and Standard Chartered Bank/China Export and Credit (SINOSURE) -$62,120,000.
The Euro component of €710m will be provided by AFD -€210,000,00 and Credit Sussie Group €500,000,000 while the World Bank will provide the grant components of $125m.According to the document, the $190,255,276 to be provided by European ECA/KfW/IPEX/APC will be spent on the Nigeria to Niger Republic rail line.
The document gave the project title as “Kano-Maradi SGR with branch to Dutse” and identified the implementing MDA as the Federal Ministry of Transportation.“Financing cost which the lender requested to be capitalised” was written under the column for multilateral institution.
On the expected impact of the project on the geo-political development, the Federal Government wrote, “The project is to link Nigeria with Niger Republic from Kano-Katsina-Daura-Jibiya-Maradi with branch to Dutse.“It is part of the Trans-Africa Railway System and it is expected to improve the international trade between Nigeria, Niger and other North-Africa countries.” headtopics.com
Also, the $225,120,000 to be provided by China Exim Bank is expected to be spent on the Lagos-Ibadan Railway Modernisation Project.It is meant to cater for the construction of the branch line (Apapa-Tin Can Island Port) project.On the impact of the project, the Federal Government said, “The project is to provide an alignment of routes from the Apapa Port Terminal to Tin Can Island Port and to enhance the economic activities at the Apapa and tin Can Island Ports.”
The $50,000,000 to be provided by IFAD will be spent on what the government called Value Chain Development Programme -Additional Financing II.It identified the implementing states as Anambra, Benue, Ebonyi, Niger, Ogun, Taraba, Nasarawa, Enugu and Kogi while the geo-political zones were listed as North Central, North East, South West and South East.
The expected impact, according to the government, is “to support a measurable increase in the programme’s outreach to 100,000 farmers, including over 6,000 and 3,000 processors and traders respectively.“It will also support the mainstreaming of issues that were not considered at the stage of programme design.”
The €210,000,000 to be provided by AFD will be spent on two projects -National Digital Identity Management Project (co-financed with the World Bank, AFD and EIB) -€100,000,000; and the Kaduna Bus Rapid Transport Project –€110,000,000.The Bank of China’s $276,981,587 will be spent on the establishment of three power renewable energy projects; Credit Sussie Group’s €500,000,000 will be spent on sovereign guarantee for the issuance of Euro bond as collateral to enable Bank of Industry fund its projects; while the -$62,120,000 to be provided by Standard Chartered Bank/China Export and Credit (SINOSURE) will be used to provide 17MW hybrid solar power infrastructure for the National Assembly complex. headtopics.com
World Bank’s $3,250,000,000 will be spent on seven projects.Part of Buhari’s letter to the National Assembly had read, “I write on the above subject and submit the attached addendum to the proposed 2018-2020 external rolling borrowing plan for the consideration and concurrent approval of the senate for the same to become effective.
“The distinguished Senate President may recall that I submitted a request on 2018-2020 borrowing plan for the approval of the senate in May 2021.“However, in view of other emerging needs and to ensure that all critical projects approved by Federal Executive Council as of June 2021 are incorporated, I hereby forward an addendum to the proposed borrowing plan.
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See priority o 🤣🤣🤣 Why is this project of priority? Stop borrowing start thinking of ways for the government to generate revenue. Is the minister for finance sleeping? What is it with just borrowing despite knowing there’s no means of repaying ? It's very obvious most of u r just blinded with ethnic bigotry,it's not allow intelligence discuss on social media just nonsense comments.
He said it before they are his cousins Buhari , why now? You just wanna make sure you finish Nigeria completely before 2023. God will definitely punish you. Ameen Skeptical UN USinNigeria UKinNigeria EUinNigeria I hope you are all aware where the loans borrowed went to, just in case we have our Yoruba nation, let the region who borrow and used the fund repay it back, we have no hand in it down southern present day Nigeria. Just FYI
Ogun kill una Follow me I follow you back immediately,let's grow our page together I hope one day where these people are taking loan from won't threaten us citizen with messages just like sokoloan and Co Northerners know that a day is coming when the disintegration of Nigeria will happen, so they are using the influence they have now to develop their region. Buhari came to fasten the de-amalgamation of Nigeria. Until the county divides, no development will take place.
Outrage over ‘missing’ N345m in Kano Sharia CourtReports of N345 million said to have gone missing from the accounts of the Kano State Sharia Court are generating outrage among people in the state with many worrying that .... Limps should be cut ✂️ according to the law. If proven, they should apply full shari'a consequences on the judges.
Mark my words, same rail constructed by taxpayers money will be used to transport occupation troops from Niger Republic etc once agitations reach a melting point. The oppression will continue and this guys have devious plans. The loans lack clarity of purpose... a day before, the loans is to provide infrastructures in six geo-political zones, today is for kano Niger Republic rail line... Others are not the main purpose.
Fulani caliphate are really preparing for their future. The projects isn’t going to do good for citizens but to create easy access for ISWAP & Boko haram terrorists into Nigeria. Obviously OfficialAPCNg NigeriaGov are in charge of Banditry, Terrorism and Killers Herdsmen. Construction of roads linking two countries should be done by the joint efforts of the countries involved. Nigeria is now in a hurry to unilaterally construct the rail line even when Nigeria roads are in s catastrophic state of dilapidation. This is a misplaced priority please.
Doctors are currently on strike, ASSU threatening on going on strike, no jobs for millions youth... but this useless APC wants to join Nigeria and Niger republic and no elite is saying anything. It's very axiomatic who Buhari is! This people are great waster,what will niger republic contribute to the Nigeria economy? Wasteful president taking loan and killing the country economy
Oh my goodness. I love it as the southern governors have supported states collecting their VATs. Let the poverty stricken North use their money from banditry business and sponsor the road construction to nowhere What exactly is in this rail line? I am 'tayad' of that country called Nigeria God forbids such move...
NDDC report: Who do we blame for the underdevelopment of the Niger Delta?Part of the revelation is the 13,777 projects substantially compromised in the region. These are contracts for projects and programmes awarded to contractors and consultants in all Niger Delta states from 2001 to August 2019, at a ... Well done buhari; u did well with the audit...pls prosecute the defaulters in court...now show us the report on the projects you have executed between 2015 and 2021. Tell us how much was allocated to NDDC (2015-2021) and the executed projects.
O ma leyin ooooo. It appears there’ll be no train and rail tracks running through Lagos, uyo, ph etc… Seems Niger republic is more beneficial to the growth of Nigeria’s economy than its core commercial states. Makes me wonder 💭; who’s taxing and taking VAT’s from there? Something that boko haram will still bomb, what a waste!
Even the fools that voted in this government are yet to realizes they were accomplices in this mess Nigeria is experiencing. Well, maybe by the time this government had it's cup filled, there will be no options than war....which it's essence is peace Plague Real one chance demon leader, u just want to sell us out to ur real country 'Niger'
To Niger Republic, The birth Country of Buhari. Issokay For what gain is of that to the country? kennysa81651484 They know what they're doing...they are empowering d North with those loans, if you are in the core northern state you will understand what I'm saying... they're developing theirs and we are here talking nonsense. Please continue to approve the loans, Una dooms day is close by.
Are nigerians not asking questions about this government’s plans at all? What interest does this government have with connecting the north to Niger republic?
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You might as well dash them the loan. The normal people there are not interested in any transport to the zoo except the animals amongs them (Boko H) I have come to realize that Nig. news is the major cause of my mental stress, expecting to see good news that will favor you from the gov’t is like expecting to see the hen grow teeth. FYI; your cries are falling on a DEAF EAR, the gov’t don’t really care.
Fulani govt. 😃😃😃😃 punch too dey use VPN... This country lass lass go soon enter auction market... 😅😅😅 This demon is bent on speedily connecting Niger Republic with Nigeria by rail to facilitate easy movement of Fulani militias into Nigeria. Nigeria finally entered the dungeon 😥 The Senate are fast to approve loan
Please what is about this Kano-Niger Republic railway? Niger Republic self no dey contribute? There is definitely a hidden agenda about this project
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How? How is that rail line beneficial to the growth of Nigeria that we are borrowing to spend in it As in ...I’m just wondering if this man truly knows what’s going on presently in this country ... you’re still taking loans on useless projects in north ....How I wish God can just help immidiately 😞 OnGod
Does it mean that south east dont need railway transportation? Bury our Commonwealth into fairytale projects. Keep it on.
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