FG releases N72bn for Lagos-Ibadan rail project.

THE Buhari-led Federal Government  of Nigeria on Monday released the sum of N72 billion counterpart funding for the construction of Lagos-Ibadan modernization railway project. The Minister of Transportation, Mr. Rotimi Amaechi made the disclosure at the quarterly Presidential Business Forum, which was  presided over by the Vice President, Yemi Osinbajo, held at the Presidential Banquet hall, Abuja.

The railway project, awarded to China Civil Engineering Construction Corporation (CCECC) would cost $1.5 billion. Speaking further, Mr. Amaechi lauded the Finance Minister, Mrs Kemi Adeosun for releasing the counterpart funds, while urging the National Assembly to ensure the urgent approval of the $30billion foreign loans for the project.

He said, ” I think in the history of Nigeria, this is the first time that we are releasing counterpart funding in full, so that there will be no delay, since the Chinese loan appears to have been approved.

“The only thing we need to do is to plead with the National Assembly to approve the $30 billion loan. If the National Assembly did not make that approval, then, the economy won’t be making the kind of progress we want want it to make”, the Minister added.

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