Politics
Tinubu Administration Offers Clarity On Railway Memorandum Of Understanding Wth British Company
Tinubu Administration Offers Clarity On Railway Memorandum Of Understanding Wth British Company....KINDLY READ THE FULL STORY HERE▶
The Nigerian government has offered clarification regarding the Memorandum of Understanding (MoU) inked between the Ministry of Transportation and MPH Rail Development Limited, a construction firm based in the United Kingdom (UK).
Earlier, there were public concerns following the announcement by the ministry regarding the MoU with the UK company for the development of the Port Harcourt-Enugu-Calabar-Abuja single-gauge rail line under a public-private partnership.
However, the ministry released a statement on Sunday, signed by its spokesperson, Olujimi Oyetomi, clarifying that the MoU is still at a preliminary stage. It emphasized that the agreement is a framework for further discussions to determine the feasibility of the project.
The ministry stressed that the MoU is not a legally binding commitment but rather serves as a platform for engagement, discussion, and scrutiny. It pointed out that the proposal originated from the British African Business Alliance (BABA), a UK-based association interested in African business.
Regarding funding, the proposal aims for 100% private sector financing without loans or debt to the Nigerian government, as outlined in Article 3.3 of the MoU. The ministry assured the public of its commitment to fulfilling its mandate of providing efficient, affordable, and sustainable transport infrastructure.
It clarified that MPH Rail Development (UK) is the Special Purpose Vehicle (SPV) established by BABA to execute the project, emphasizing that such entities are typically newly incorporated with nominal shareholding to facilitate investment. The ministry highlighted the terms of the MoU, reiterating its non-binding nature and its focus on further discussions and project feasibility assessment.
Under the agreement, MPH is tasked with designing a funding and implementation model to be submitted to the ministry within 90 days for evaluation. The statement also addressed the delay in processing the proposal, attributing it in part to the impact of COVID-19.
In conclusion, the ministry reaffirmed its commitment to transparency and diligence in fulfilling its obligations, emphasizing that the MoU is a step towards exploring the potential of the project rather than a definitive commitment.
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Source: Bushradiogist
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