President Muhammadu Buhari has queried the Ministry of Finance over alleged diversion of N119billion foreign loans secured to expand and develop rail projects. The loans were secured by the former administration of President Goodluck Jonathan.
Buhari wants to ascertain how the loan secured from the Chinese Exim Bank for the construction of a standard gauge rail line linking Lagos to Kano was allegedly diverted by the former administration. .
The Senior Special Assistant to the President on Media and Publicity, Garba Shehu, explained that the query followed the visit of the Permanent Secretary, Ministry of Transport, Alhaji Mohammed Bashar, who briefed the President on the ministry’s activities at the Presidential Villa, Abuja.
Quoting the president, Shehu said: ““I hope that due process was followed before such diversions were carried out. Taking money from one project to another has to be done properly.”
Bashar was said to have informed the President that only $400m of the $1.005bn loan remained with the finance ministry.
*Contact editor on Citybusinessnews@yahoo.com