Business Hilights
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Adeosun under fire over alleged diversion of N119b railway loan

Worried by hazy explanations so far received, the presidency may have queried the Ministry of Finance over alleged diversion of N119billion foreign loans secured to expand and develop rails in Nigeria by last administration.

The loans were secured by the former administration of President Goodluck Jonathan. Details from the presidency indicate that President Muhammadu Buhari was not satisfied on the scanty explanations so far received on how the fund was used, hence he has ordered for a detailed analysis on how the money was appropriated

It would be recalled that at the last lap of last administration, the N119bn was secured from the Chinese Exim Bank for the construction of a standard gauge rail line linking Lagos to Kano, but few years after, nothing was heard about the facility as the standard gauge line remained in coma frustrating the target of haulage of heavy duty goods to the northern region.

However, the Senior Special Assistant to the President on Media and Publicity, Garba Shehu, explained that the query followed the visit of the Permanent Secretary, Ministry of Transport, Alhaji Mohammed Bashar, who briefed the President on the ministry’s activities at the Presidential Villa, Abuja.

Shehu quoted the President as saying that “I hope that due process was followed before such diversions were carried out. Taking money from one project to another has to be done properly.”

The cause of the investigation, Business Hilights learnt was that Bashar had informed the President that only $400m of the $1.005bn loan remained with the finance ministry.