President Buhari queries Okonjo-Iweala over Missing Money.
President Muhammed Buhari has ordered the Ministry of Finance to
immediately provide explanations on the whereabouts of the foreign loans
obtained for rail projects but diverted to other purposes under the
watch of former Minister of Finance, Dr. Okonjo Iweala.
The president directive followed an instance of the diversion of a substantial part of the loan of $1.005bn from the Chinese Exim Bank, meant for the construction of a standard gauge rail line linking Lagos and Kano States to somewhere else.
This was even as the Permanent Secretary, Ministry of Transport, Alhaji Mohammed Bashar opened up to President Buhari that only $400 million is left of the money.
Bashar made the revelation during a presentation of his ministry’s activities to Buhari at the Villa.
He also briefed the President on 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, in a bid to steal the money.
“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.
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