In order to finish ongoing train projects, we will borrow money from China, Portugal, and Turkey — FG

The FG claims that in order to finish the ongoing train projects around the nation, it intends to acquire multi-billion dollar loans from financial institutions in China, Portugal, and Turkey.

When he testified before the Joint National Assembly Committee on Land & Marine Transport on November 3rd in Abuja, the Minister of Transportation said this.

The minister revealed that because the FG was having trouble obtaining counterpart finance through loans, the Railway network was gradually being expanded through annual budgetary appropriations. “At this time, the FG counterpart funds in the 2022 appropriation is being used to implement the Kaduna-Kano, Port Harcourt to Maiduguri, and Kano – Maradi Segments of the Railway Modernization.

The Ministry looks forward to the conclusion of the loan negotiations with financial institutions for infrastructure development of Chinese, Portuguese, and Turkish ancestry in order to carry out the projects.