Categories: News

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.

admin

View Comments

  • I'm not sure where you're getting your information, but great topic.
    I needs to spend some time learning more or understanding more.

    Thanks for magnificent information I was looking for this information for my mission.

Recent Posts

EFCC Chair Raises Alarm on Rampant Fraud in Nigeria’s Electricity Sector

  Ola Olukoyede, Chairman of the Economic and Financial Crimes Commission (EFCC), has raised concerns…

11 hours ago

Customs Surpasses Revenue Target with N5.7 tn Collection

  The Nigeria Customs Service (NCS) has announced a record revenue collection of N5.7 trillion…

12 hours ago

Half of Shortlisted Directors Fail Federal Permanent Secretary Exam

  Nineteen out of the thirty-eight directors who were shortlisted to fill permanent secretary vacancies…

21 hours ago

Nigerian Man Wanted for Child’s Murder Added to U.S. Marshals’ “15 Most Wanted” List, $25,000 Reward Offered

  A Nigerian man, Olalekan Abimbola Olawusi, 48, is now among the U.S. Marshals Service’s…

21 hours ago

Nigeria’s Foreign Debt Servicing Hits $3.58bn in Nine Months, Pressuring Budgets

  The Nigerian government spent a staggering $3.58 billion on servicing foreign debt within the…

21 hours ago

Oyo: Oseni to Launch Mobile Clinic Initiative to Revitalize Rural Healthcare

A member representing Ibarapa East/Ido federal constituency of Oyo State at the House of Representatives,…

3 days ago