FG releases N72b full counterpart funding for Lagos-Ibadan rail

Passengers board a light rail train of Nigerian Railway Corporation at Oshodi Terminal in Lagos, AFP PHOTO / PIUS UTOMI EKPEI

Passengers board a light rail train of Nigerian Railway Corporation at Oshodi Terminal in Lagos, AFP PHOTO / PIUS UTOMI EKPEI

The Federal Government has released N72 billion being the full counterpart funding for the construction of Lagos-Ibadan modernization railway project.

Minister of Transportation, Rotimi Amaechi, gave the indication yesterday while speaking at the second quarterly Presidential Business Forum in Abuja, presided over by acting President Yemi Osinbajo.

“I think in the history of Nigeria, this is 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.

The railway project, which has been awarded to the China Civil Engineering Construction Corporation, is to be jointly funded by the Nigerian and Chinese governments.

In this article:
Rotimi AmaechiYemi Osinbajo
Receive News Alerts on Whatsapp: +2348136370421


1 Comment
  • Lemmuel Odjay

    Thank you very much. I hope it is a HSR system the Chinese are going to deliver. HSR makes more economic sense…

Related