Following the diversion of a loan of $1.005billion from a Chinese Bank, a sum intended for rail construction, President Muhammadu Buhari has summoned former Finance Minister Okonjo Iweala for some explaining.

Punch reports that the president’s directive came after a major part of the $1.005 billion loan was diverted to another account, for reasons unknown.

The report states that the inquiry became exigent after Mohammed Bashar, a serving officer informed the president that a paltry $400 million is left of the Chinese Exim Bank loan.

Bashar, the Permanent Secretary, Ministry of Transport made this known at a disclosure of operational activities of his ministry to the president at the Villa.

Bashar furthered revealed the state of insecurities on inland water routes, as well as prevailing issues concerning railway land, amongst others.

President Buhari has since expressed his disappointments at all such cases of obtaining foreign loans and failure to expend them for actual reasons they were requested.

Buhari condemned the sourcing of loans and failure to utilize them duly, or diversion of any such funds without due process.

He further explained regrettable cases of past governments and their failure to deploy various loans, leading to projects being abandoned or uncompleted.

Earlier, we reported former president, Olusegun Obasanjo, as saying Okonjo Iweala changed during Goodluck Jonathan’s administration.

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