FG Secures $500m Chinese Loan For Abuja-Kaduna Train Project

nigerian-railwayThe Federal Government has secured $500 million (about N80.64 billion) loan from China EXIM Bank for the execution of the Abuja-Kaduna fast train project, Vice President Namadi Sambo has said.

Mr. Sambo made this known on Thursday when he laid the track of the project at the Idu area of Abuja.

He said the ceremony signified the official commencement of the track-laying of the Abuja-Kaduna railway modernisation project. He also said the project was part of President Goodluck Jonathan’s people-oriented projects aimed at touching the lives of Nigerians.

“As you are fully aware, this Administration accords top priority to the development of infrastructure as a component of the Transformation Agenda as well as the Vision 20:2020,” he said.

“In that regard, several projects covering critical sectors in transportation like roads, waterways, aviation, and power supply, housing and the development of critical projects and programmes are being undertaken by this administration and are at various stages of completion.

“This is an administration that keeps to its promises,” he added.

According to him, the funding of the project is being complemented through proceeds from the Subsidy Reinvestment Empowerment-Programme (SURE-P).

The Vice President expressed regret over the neglect of the rail sector, and said that with the articulation of the 25 years Strategic Rail Vision, the railways would return to its glorious days.

He said government was determined to concession the railway facilities upon completion, adding “opportunities abound for Foreign Direct Investments in this important sector.”

The Vice President commended the China Civil Engineering & Construction Company (CCECC) Nigeria Limited, the project handlers, on its efforts at ensuring timely completion of the project.

In his remarks, the Minister of Transport, Idris Umar, said the project was part of the Strategic plan “to rejuvenate, modernise and revitalise the comatose rail transport system.”

He said the Kaduna-Abuja Rail project, which has reached 68 per cent completion, was the first segment of the Lagos-Kano Standard Gauge Rail line.

The event was witnessed by public and private sector functionaries.

(NAN)

2 Comments

  • Thank you very much F.G. for this project in the North.What are your developmen efforts in the East and South South.Is the second Niger bridge in the East not begging for attention for decades?What about the East-West road dualisation in the South South?Even though the resources for the servicing of the loan borrowed for the railway project in the North will Come from the two great Regions(S.E./S.S) yet the Hausa/Fulani North that contributes nothing to the economy will not show any appreciation to the financiers of the Nation.Even the West contributes a lot to the economy too.Only the North is left out in contributing to fund Nigeria but always striving to rule.Shit!

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