BreakingNews 31/5/17 - Nigeria seeks $774m Chinese loan for East-West Road

[ Masterweb Reports: Isiaka Wakili reports ] - The Federal Government is making a fresh loan application to increase its initial $500m Chinese loan to $774m for the completion of the East-West Road in Niger Delta.


The Minister of Niger Delta Affairs, Usani Uguru Usani, disclosed this to State House correspondents yesterday after the Federal Executive Council meeting.


He said: "No administration, to the best of my knowledge, within a democratic setting, has been more committed than this present government. And demonstration in this is the action of this administration to go ahead and seek extra budgetary special loan, credit from China to the tune of $500m.


"Now, we are making a fresh application to increase that to $774 million to be able to tackle an aspect of that road and this came under five of the special projects nominated by the president to see that work doesn't stop. And if you look at our budget, as lean as it is, about 50 percent goes on the allocation to the East-West Road."


The minister also stated that for 2017, N8n counterpart fund was proposed for the credit facility "we are getting from China. So, we're committed, but it is just impossible to say we'll be able to allocate enough funds because the competing demands do not allow satisfaction in every sector of the economy. So, it's a problem for us."


*Photo Caption - As seen.

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