Okonjo-Iweala to seal Chinese loan deal for Abuja light rail project

Ngozi Okonjo-Iweala
The Nigerian Minister of Finace

Okonjo-Iweala to seal Chinese loan deal for Abuja light rail project

The Nigerian Minister of Finace, Ngozi Okonjo-Iweala, is expected to visit China to finalise the Chinese Nexim Bank credit facility to complement financing of the Abuja light rail project.

The minister of Nigerian Federal Capital Territory (FCT), Senator Bala  mohammed, stated this while receiving the House of Representatives Committee on FCT in his office.

The committee was led by its chairman, Mr. Emmanuel Jime.

The essence of the loan

Senator Mohammed said that the conclusion of the loan-deal would help ensure the speedy completion of the project.

The minister reaffirmed that the Nigerian Government was committed to accelerating the completion of the project in line with the transformation agenda of the Nigerian, President Goodluck Jonathan.

The project

According to him, the project would afford the residents cheaper means of transportation and significantly reduce the traffic problems being experienced at peak hours in Abuja.

Senator Mohammed said that efforts were being geared towards the completion of the multimillion millennium towers.

He described the project as a condominium with facilities for recreation, conference, celebrations as well as social life.

The FCT minister said that the public-private-partnership driven project would be handed over to the Ministry of Culture and Tourism when completed.

He told lawmakers that a new policy on district infrastructure was being considered to ensure that the partnership worked.

He said: “The new plan may allow the private investor provide infrastructure in a district and be paid with a portion of land in same district, thereby leaving the rest to be shared through the normal Land Use and Allocation Committee to deserving Nigerians."

NP/Adekusibe/Cokey