Senate approves China Development Bank for a rail project of close to a billion dollars

The Senate has approved the China Development Bank as the new financier for a rail project, which is set to cost close to a billion dollars.

Another Chinese lender had been due to fund the line between Kaduna and Kano, the largest city in the north but it pulled out in twenty-twenty.

When President Muhammadu Buhari came to power eight years ago, he prioritised upgrading the poor transport network and power supply but funding has been a major constraint.

Parliament has approved several billion dollars worth of loans from Chinese and other international lenders but funds are yet to be released.