"WE'LL BORROW FROM CHINA, PORTUGAL AND TURKEY TO COMPLETE ONGOING RAIL PROJECTS" - FG
According to the Federal Government, it intends to obtain multibillion dollar loans from financial organizations in China, Portugal, and Turkey to finish the ongoing rail projects around the nation.
"Currently, the implementation of the Kaduna-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 negotiation of the loans with infrastructure development finance institutions of the Chinese, Portuguese and Turkish origin to implement the projects.
"To ensure finalising 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 made available to these financial institutions through adequate budgetary provisions in the year 2023 budget and subsequent budgets.
"Adequate funds need to be provided in the 2023 budget to facilitate the practical completion of the projects," he said.
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