Amaechi: FG Needs $ 656 Million to Complete Lagos-Ibadan Railroad

Posted by on Nov 7, 2020, Under: News

Amaechi: FG Needs $ 656 Million to Complete Lagos-Ibadan Railroad

Transport Minister Rotimi Amaechi said the federal government needs $ 656 million to complete the Lagos-Ibadan rail project.

Amayachi announced this on Friday, defending his ministry budget for 2021 in the Senate.

He explained that this amount is necessary to create the infrastructure necessary to fulfill the project’s intended goal.

“Several aspects of the work, which include the construction of a modernized railway station, signaling and telecommunication systems, power supply schemes, construction of pedestrian bridges and overpasses, must be completed,” he said.

“This additional work, worth $ 656 million, which is to be 100% funded by the Federal Government of Nigeria, has been approved by the Federal Executive Council for execution.”

The minister also told the MPs that the construction of the project was 92% complete.

However, he complained that work had been halted following the #EndSARS protests that shook much of the country.

Amaechi noted that the Ibadan-Kano rail project also required an infusion of $ 645.3 million in upfront payments to enable the federal government to complete the signing of a loan agreement with China Exim Bank.

According to him, the ministry will begin the reconstruction and rehabilitation of the eastern narrow gauge railway Port Harcourt-Maiduguri in 2021.

Source: – TV channels