Senate rescinds decision on financier of $22.79bn railway loan

The Senate has amended its decision on the financier of Kaduna-Kano railway project in the country, switching from the China Exim Bank to the China Development Bank, as well as harmonized terms on the 2016-2018 Federal Government’s external borrowing plan for the project.

The National Assembly had in 2020 approved a $22.798 billion loan for the railway modernization project of the Kaduna-Kano segment.

The upper legislative chamber also approved relevant conditions provided in the harmonized term sheet.

These resolutions were sequel to a motion sponsored by Senator Sadiq Umar, APC, Kwara North during plenary.

The lawmaker recalled the communication from the Ministry of Finance requesting the approval of modifications to the financing proposal for the Nigerian Railway Modernization Project (Kaduna-Kano segment).