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Senate approves China Development Bank as Kaduna-Kano rail project financier

The Senate has approved China Development Bank as new financier for Kaduna-to-Kano rail project at a cost of $973 million.

The approval was a sequel to a motion sponsored by Sadiq Umar (APC-Kwara) on Tuesday.

The Senate also harmonised the terms of the 2016-2018 federal government’s external borrowing plan for the project.

Parliament had in 2020 approved China’s Exim Bank as financier for the rail project, which was lumped in with the government’s external borrowing plan of $22.8 billion, before the bank withdrew.

Writing by Chinasa Ossai; Editing by Annabel Nwachukwu