The Debt Management Office (DMO) has released details of where external loans taken by the government of President Muhammadu Buhari’ were expended.
The explanation, which came out of the DMO amidst accusations and counter-accusations by the All Progressives Congress (APC) and the presidential candidate of the opposition Peoples Democratic Party (PDP) in the 2019 election, Atiku Abubakar, did not however address the danger such Loans pose to the country.
The loan, according to the DMO), was particularly obtained from the Export-Import (EXIM) Bank of China as of March 31, 2020.
The projects listed in the document by DMO listed the projects to include National Communication system project, the Nigerian Railway Modernization project (Idu- Kaduna section) and Abuja Light Rail project.
Others are the Nigerian ICT Infrastructure Backbone project, Nigerian Four Airport Terminal 5 Expansion project (Abuja, Kano, Lagos & Port Hacourt), Nigerian Zungeru Hydroelectric Power Project, and Nigerian 40 Parboiled Rice 7 Processing Plants project (Fed. Min. of Agric & Rural Dev.)
More are the Nigerian Railway Modernization Project (Lagos Ibadan section), Nigeria Rehabilitation and 9 Upgrading of Abuja – Keffi Makurdi Road. Project, Nigeria Supply of Rolling Stocks and 10 Depot Equipment for Abuja Light Rail Project and Nigeria Greater Abuja Water Supply Project.
According to the release, a total of USD3 billion has been released by the EXIM Bank of China to Nigeria.
The statement said that no amount has been disbursed for Nigerian 40 Parboiled Rice 7 Processing Plants Project (Fed. Min. of Agric & Rural Dev.), Nigeria Supply of Rolling Stocks and 10 Depot Equipment for Abuja Light Rail Project and Nigeria Greater Abuja Water Supply Project.