BREAKING NEWS, Politics
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PRESIDENT Muhammadu Buhari has ordered a review of several railway transport projects signed by the previous administration with the Chinese government.
A statement by Femi Adesina, president’s special adviser on media and publicity, from Addis Ababa, Ethiopia, which disclosed this, said it would boost urban development and social infrastructure.
Adesina’s statement said that the president regretted that the previous agreement with Chinese government did not yield any positive results, and as such directed the ministers of Transportation, Finance, Power, Works and Housing to revisit the agreements and explore ways of re-approaching the Chinese government for assistance.
He said the Chinese government had indicated interest to assist Nigeria on project financing through its Export-Import Bank.
He said: “The Chinese government was very generous to Nigeria on the projects signed with the previous government because they agreed to pay 85 per cent of the project. But the Nigerian government was unable to meet up with its counterpart funding of 15 per cent, so the Chinese government was unable to make any impact on the project.”
— Feb 1, 2016 @ 12:45 GMT
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