$5.8bn Loan Request: Senate Gives FG Condition For Approval

The Senate on Tuesday has given the Federal Government fresh conditions upon which it would consider and approve its $5.8 billion loan request from the China Exim Bank.

The Federal Government had requested the sum for the construction of Standard Guage lines from Lagos-Kano, Kano-Kaduna, Lagos-Ibadan, and Lagos Calabar.

While considering a motion moved by Senator Enyinnaya Abaribe, (PDP Abia South), the senate resolved that the loan would not be considered except all regions were carried along in the utilisation of the loan.

The Senate upheld the argument of Senator Abaribe that there was no reason why the South East should be excluded from the rail project for which the loan was sought.

Abaribe in his motion requested the Senate to suspend consideration of the loan request until the Federal Government included the South East as beneficiaries in the project.

Author: NewsAdmin

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