Sunday, Feb 28th 2021 3:18 AM

Market Digest Nigeria


FG releases N72bn for Lagos-Ibadan rail line

The President Muhammadu Buhari-led Federal Government has released fund for the construction of the Lagos-Ibadan modernization railway project.

Minister Amechi Chubuike. Photo: Odinaka

Minister Amechi Chubuike. Photo: Odinaka

While speaking at the Second Presidential Business Forum which was presided over by Vice-President, Yemi Osinbajo at the old Banquet Hall of the Presidential Villa, Abuja on Monday, the Minister of Transportation, Rotimi Amaechi, said that the Federal Government has released its counterpart fund for the construction of the Lagos-Ibadan mordernisation railway project.

According to Punch, the outspoken minister who put the figure at N72billion, said that the counterpart funding was released in full so that there will be no delay in the project implementation.

He also used the opportunity to appeal to the National Assembly to approve the $30bn foreign loan request. He said, “The construction of Lagos-Ibadan Railway, the Minister of Finance has been kind enough to release the counterpart funding in full.

“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 only thing we need to do, I thank God there is somebody from the National Assembly, is to plead with the National Assembly that the funds has been approved, then the National Assembly should please approve the $30bn loan.

“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 to persuade the National Assembly to kindly make that approval because they are tied to projects.”

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