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Nigeria: Federal Capital Territory signs 500m deal with China.
Text of report by Nigerian newspaper This Day website on 6 July
[Report by Kunle Akogun: "FCTA Defies Senate Resolution on $500m Chinese Loan"]
Despite a Senate plenary resolution to the contrary, the Federal Capital Territory Administration (FCTA) has decided to sign agreement for the $500 million or N75 billion [Naira] loan facility from the Chinese Government for the construction of the Abuja Light Rail.
Majority of the Senators had on Tuesday, 20th April 2010 during the consideration of the 2010 FCT Statutory Appropriation Bill of N350,324,793,630 kicked against the move by the FCT administration to obtain $500 million loan facility to build Abuja Light Rail which they described as the …
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