News Column

U.S. $500 Million Airport Loan - Senate Vows to Resist Fraud

June 10, 2014

Celestine Okafor

To ensure adequate utilisation of the $500 million Chinese loan which the Federal Government collected to complete the ongoing projects in the nation's airports, the Senate has promised proper use of the funds, vowing to resist any attempt that would undermine the revolution in the aviation sector.

Senate Committee Chairman on Aviation, Hope Uzodimma, stated this when his committee met with the Ministry of Aviation and relevant stakeholders in the aviation sector on Monday.

He explained that the loan was made available to the ministry for proper execution and completion of airport terminals.

Uzodimma disclosed that the counterpart funding of $100 million from the Federal Government had been made available so that the $500 million loan would be effective for project execution.

He said the ministry has a seven-year pay back plan for the loan and was expected to generate the money once the airports are functional, adding that payment plan starts July this year.

Uzodimma who said the loan would close the funding gap towards the completion of ongoing projects, commended the Federal Government for executing the airport terminals in Port Harcourt, Kano, Lagos and Abuja.

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Source: AllAfrica

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