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According to reports, the FG has Released the sum of N72bn  full Counterpart Funding for Lagos-Ibadan Railway modernisation Project.

It is reported that this disclosure was made by the Minister of Transportation, Rotimi Amaechi, while speaking at the second quarterly Presidential Business Forum in Abuja.

He said: “The construction of the Lagos-Ibadan Railway, the government has been kind enough to release the counterpart funding in full.

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

“If you don’t encourage the National Assembly to make that approval, then, the economy won’t be making the kind of progress we want the economy to make.

“So, for me here, I will enjoin you to persuade the National Assembly to kindly make that approval because it is tied to projects,’’ he said.

The said railway project was awarded to the China Civil Engineering Construction Corporation, and will be jointly funded by the Nigerian and Chinese governments.

The project is scheduled to start next month and will cost about $1.5bn (N458bn).


Written by Okolo Ezinne

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