President Buhari has released N72bn for Lagos-Ibadan railway – Amaechi

President Muhammadu Buhari’s government has released N72 billion counterpart funding for the construction of Lagos-Ibadan modernisation railway project.

Rotimi Amaechi, minister of transportation, made this known at the quarterly presidential business forum, which was presided over by Vice-President Yemi Osinbajo at the presidential banquet hall, Abuja, on Monday.

The rail project, which was awarded to China Civil Engineering Construction Corporation, would cost about $1.5 billion (N458 billion).

Amaechi commended Kemi Adeosun, minister of finance, for ensuring full release of the counterpart funds for the project, and enjoined the national assembly to ensure speedy approval of the $30 billion foreign loans for various project.

“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,” Amaechi said.

“The national assembly should please approve the 30 billion dollars loan. If you don’t respond, 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 they are tied to projects.”

Source: The Cable