FG justifies $5.5b loan request before Senate

The Federal Government has justified before the Senate that the 5.5 billion US dollar loan it is requesting for infrastructure projects is targeted at modernization of rail projects across Nigeria.

Minister of Transportation, Rotimi Amaechi while speaking at a public hearing on the foreign loan request before the Senate Committee on Local and Foreign Debts says funds are urgently needed for Kano to Kaduna and Port Harcourt to Calabar rail lines.

Senators at the hearing asked questions on the repayment modalities, interest rates and safeguards to prevent diversion of funds.