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Pres. Buhari Queries Finance Ministry Regarding Diversion of $1 Billion Rail Transport Loan

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Buhari 2015 BN 10

President Muhammadu Buhari on Monday queried the Ministry of Finance regarding the whereabouts of the foreign loans obtained for rail projects but diverted to other purposes under the watch of former finance minister, Ngozi Okonjo – Iweala.

According to Vanguard, Buhari’s directive stemmed from an instance of the diversion of a substantial part of the loan of $1.005 billion from the Chinese Exim Bank, meant for the construction of a standard gauge rail line linking Lagos and Kano States to another allocation.

Alhaji Mohammed Bashar, Permanent Secretary, Ministry of Transport by the Permanent Secretary,  is said to have recently informed the president that only $400 million is left of the loan.
The report further states:

Bashar made the revelation during a presentation of his ministry’s activities to president Buhari at the presidential villa.

He also briefed the President on some challenges facing the transport and maritime sectors such as encroachment on railway land, lack of security on inland waterways and some vague agreements between the Nigeria Ports Authority and ports concessionaires.

Reacting, President Buhari said that it was disappointing to find that foreign loans obtained in line with signed agreements were moved from one project to another.

“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,” he warned.

The President regretted that government had, over the years, failed to meet its counterpart funding obligation on some projects, leading to such projects being left uncompleted or abandoned.

He added that there was a clear need to streamline, harmonize, and prioritize on-going projects in the transportation sector.

16 Comments

  1. Jaygirl

    August 11, 2015 at 9:00 am

    I strongly believe Nigeria will ‘work’ again. It’s all in our hands.

  2. me

    August 11, 2015 at 9:20 am

    I always wonder why these countries grant us loan, when they know we never use them for the required purpose. Ngozi if you are found guilty for this…… then u should be stripped of everything uv got. Una own don de too much

  3. EllesarisEllendil

    August 11, 2015 at 9:27 am

    To put it into perspective because it seems we’re quickly getting desensitized to dollar amounts. N119,430,000,000.00k AKA ONE HUNDRED AND NINETEEN BILLION, FOUR HUNDRED AND THIRTY MILLION, ZERO KOBO was looted from our common purse.

    If you don’t feel outraged by this and try to make it a tribal or religious thing, while punishing your child for stealing N30 from your purse, DIARIS Godooo!

    I expect two things formal charges to be brought and for the good Doctors, both the mild-mannered one and the Harvard trained Madam to begin to debunk these allegations, not with words and cries of persecution, but with figures and facts, between them they’ve written six theses and defended them, it is time they acted like their degrees ought to make them act.

    • whocares

      August 11, 2015 at 10:56 am

      Bless you for the conversion. Shitness! What I cannot fathom is where does the money go? These people that steal from the public purse they do not even live the high life like that. So where is the money going? What is the point of embezzling all that money if you cannot spend it? I honestly look at Ngozi Iweala and ko po at all (there is not much of her to go around- figuratively speaking of course) and you cannot say she “settled” people with these sums. So what exactly was the money used for. I hate waste. If you must steal, then by all means do so, but please enjoy the money. Do not steal and abandon the money in some overseas bank. That is the worst offence in my eyes.
      And to think I was very sceptical about Buhari in the beginning. I am still watching him but not with my side eye,. I have one eye trained on him. Hopefully he is as genuine as he seems.

    • Gbemi

      August 11, 2015 at 12:41 pm

      Wow All that money .. Seriously I would like to know how they usually spend all the stolen money because even if you start distributing I million daily, it won’t finish easily , you can’t wear more than one set of clothes at a time, their is a limit to what you can eat , you can’t even sleep in more than one bed at a time … Pls explain how it is done …how many houses or cars can you even buy ?

  4. La'Shonda Balogun

    August 11, 2015 at 9:34 am

    I have to admit – I love what I’m hearing about Buhari so far. He’s doing the enquiries and investigations, next step we need to see is ACTION such as sanctions, prosecutions etc. Put an end to the corruption and profligacy that Goodluck allowed.

    • anon

      August 11, 2015 at 11:00 am

      I agree with you. I didn’t support Buhari in the elections but I really do like the approach he is taking!

  5. adelegirl

    August 11, 2015 at 9:43 am

    Ghen Ghen! It has started. A lot of rot will be exposed! No wonder after years of these rail construction loan agreements being signed with China’s EXIM bank, we are still struggling with the construction of the rail lines across the country. Pray tell, what could be more important that sticking to the loan agreement for rail networks that will greatly ease transportation and improve the economy that they had to divert the funds?

  6. Girlbeingreal

    August 11, 2015 at 10:40 am

    When you realize how much our government have failed us, it’s almost as if there’s no hope left. A Nigerian’s desire for politics is fuelled mainly by the desire for money. It’s like they are shitting in our faces and we are gladly eating their crap. Mr president has a huge task ahead of him. For a real change, the whip need to be brought down hard. Leaders need to answerable for their decisions. We as Nigerians should stop eating the shit being fed to us. It’s our money they are enriching themselves with. We should speak up and demand our rights. Better health care, better educational systems, scholarships, housings, care for disabled and poor. It’s really worth crying about. Maybe we don’t realize how much we are being ripped off. This country doesn’t belong to a selected group of people. Oh well! Enough said.

  7. Tife

    August 11, 2015 at 11:07 am

    I think i now understand why he hasn’t appointed Ministers. It seems he is trying to sanitize the system first

  8. Nne

    August 11, 2015 at 2:14 pm

    I really like the approach Mr President is taking.Yes,investigations should go on and whosoever is found gulity should be charged,both high and low.Nigeria needs to be fixed so nigerians can take a break from suffer-head.Ahn ahn we are so rich yet getting the essential things that makes life meaningful is such a struggle. Btw kudos to the new govt for the improved power supply.If we have a stable country why would one yearn to travell out.

  9. molarah

    August 11, 2015 at 2:44 pm

    This is the kind of news that makes one want to cry. Some days ago, I was still reviewing the National Infrastructure Master Plan, marvelling at all the ingenious ideas to revamp our infrastructure and day-dreaming of what Nigeria would look like when it is fully implemented, only to come and hear that money has indeed been sourced for one of the project and same money has been diverted. Why o why?

    Baba, don’t let them run away o. They must cough and vomit all they have stolen.

  10. honey omo lekki

    August 11, 2015 at 3:45 pm

    O boy, See the fine babe. Even her skin sef!!!

    Anyway, I wish them the best

    • whocares

      August 11, 2015 at 5:24 pm

      You lost bro?

  11. nnenne

    August 12, 2015 at 2:14 am

    Let’s start trying these people in a court of law and not in the media.

  12. me

    August 13, 2015 at 5:47 pm

    Like some one said in one of the post its quite amazing, when one reads articles as this as a matter of fact its disheartening look around and see how people are suffering, most Nigerians don’t even have a complete meal to eat in a day and some persons because of the position they occupy decides to milk this country dry. Buhari alone can’t save this country everyone of us needs to stand up and take what is ours oh we need REVOLUTION else we will continue to dance to the drum beat of this people.

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