How we spent $500m EXIM loan —Okonjo-Iweala

Posted by admin Latest Politics, Women Politics Tuesday, July 29th, 2014

Coordinating Minister for the Economy and Minister of Finance, Dr Ngozi Okonjo-Iweala, has stated that the Federal Government spent the $500 million China Export-Import Bank (EXIM) loan obtained for the construction of modern terminals in Lagos, Abuja, Kano, and Port Harcourt judiciously.

The minister, speaking after inspecting the new airport terminal in Abuja, stated that she was happy that the construction work currently going on at the site had been satisfactory.

“There are a lot of skepticism and questioning if really we are going to see something out of it. We are monitoring how the money is being used; we want Nigerians to see the results. Mr President has said we should keep focusing on it month by month to make sure the money is well utilized,” she said.

The minister, who is undertaking physical monitoring of the project for the first time, said she received daily progress reports, as well as looking at the finances to see how much money had been spent.

“If you recall, the Federal Government took a loan from the EXIM Bank of China in order to construct modern terminals in this country. We have four terminals: Lagos, Abuja, Kano, and PH that are going to be financed out of this. We are also constructing Enugu and Bayelsa airports with our own money, but the four that are based on this Chinese loan is from here.

“The work is proceeding well; it is 30 per cent completion but they are pushing. We have told them that they must complete at least one out of the four and they have said they would complete the Abuja one by the end of the year. The quality seems solid and the design looks good. We are really looking forward to a new terminal that looks like any one when you step off the plane,” she said.

The Chinese Ambassador to Nigeria, Mr GuXiaojie, said the project was an important one undertaken by the Chinese and Nigerian governments.

“We have employed a number of local workforces. This is a small way Chinese companies are making contributions to the social and economic development of this country,” he said.

On the Abuja Light Rail Project, Okonjo-Iweala assured the rail would be completed by May next year.

Regarding how much the project would cost, she said: “What we have borrowed was $500 million, but they had started work before $152 million loan was approved. So, the total contract sum is $823 million.”

According to her, $249 million had been accessed from EXIM Bank and the balance will be gotten, sources close to the project said.

–Tribunewp_posts