Okonjo-Iweala Denies Diverting Rail Project Funds

Posted by admin | 9 years ago | 2,759 times



The former minister of finance, Dr. Ngozi Okonjo Iweala has debunked allegations of diverting $1 billion loan obtained from the china Exim bank by the federal government.

 

According to her media adviser, Mr. Paul Nwabuikwu, the minister said the Lagos Kano rail project was not proposed in the original application to the Chinese bank.

 

He explained that the china Exim bank kept and disbursed funds for approved projects to contractors based on milestone as such funds were not domiciled with the finance ministry.

 

The permanent secretary, ministry of transport, Alhaji Mohammed Basher, while briefing president Muhammadu Buhari on the activities of the ministry, has said that a substantial part of the $1 billion loan for a Kano-Lagos rail was diverted to other projects.

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