FG releases N72bn for Lagos-Ibadan rail project

the minister of transportation, Mr Rotimi Amaechi

The Minister of Transportation, Mr. Rotimi Amaechi, says the Federal Government has released counterpart fund of N72billion for the construction of the Lagos-Ibadan modernisation railway project.

He stated this at the Second Presidential Business Forum chaired by Vice-President Yemi Osinbajo at the old Banquet Hall of the Presidential Villa, Abuja on Monday.

Amaechi who explained that the counterpart funding was

released in full to ensure there is no delay in the project implementation, also at the event pleaded with the National Assembly to approve the $30billion foreign loan request by President Muhammadu Buhari.

“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 (here) 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 $30billion 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 the National Assembly to kindly make that approval because they are tied to projects,” Amaechi said.

Critics opposed to the $30bn loan say it will mortgage the future of Nigerians as it could take close to three decades to pay off the loan.