FG Secures $500m Loan From China For Construction Of Airport Terminals

Senate probes FG’s $600m spending on new airport terminals. by the Federal Government on the construction of four new airport terminals across the country.. with a $500m loan from China.

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The Ministry of Aviation on Monday appealed to the Senate to approve additional $461.8m loan for it to hasten the completion of the new terminals under construction across the country. The minister in charge of the ministry, Mr Hadi Sirika, stated this when he appeared before the Senate standing panel to defend his ministry’s budget.

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The new terminal designed to handle 15 million passengers in a year is the second in the series of airport terminals commissioned from the projects funded by the China-Exim bank loan of $500m with a counterpart funding of $100m from the debt management office.

China offers Nigeria $1.1bn low-interest loan loans to help fund airport terminals in four cities, roads, a light-rail line for its capital, a hydropower plant and oil and gas infrastructure.

The four projects are being funded with a $500m loan from the Export-Import Bank of China and $100m counterpart funding from the Federal Government, obtained as a loan from the Debt Management.

The Minister of State for Aviation, Hadi Sirika, on Monday, appealed to the Senate for the approval of an additional $461.8 million loan for the completion of new airport terminals under construction in the country.

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World Finance discusses how structural reforms may herald a new dawn for financial services. The financial services industry is changing, with demands to make it more inclusive. With me is Brett Scott.