The Minister of Transportation, Rotimi Amaechi has said the Federal Government requires the sum of $656 million to complete work on the Lagos-Ibadan railway project.
Amaechi disclosed this on Friday while defending his ministry’s 2021 budget at the Senate.
He explained that the amount is needed to complete the ongoing infrastructural projects, such as:
The upgraded railway station, signalling and telecommunication systems, power supply scheme and the construction of pedestrian and overpass bridge.
He added that those and additional works amount to $656 million which is to be financed 100 percent by the Federal Government of Nigeria has been approved by the Federal Executive Council for implementation.
Lamenting disruption in operations following the #EndSARS protests,
The Minister told the lawmakers that the project is 92 percent close to completion.
Speaking further, Amaechi noted that the Ibadan-Kano railway project also required $645.3million as advance payment to enable the Federal Government to complete its loan signing agreement with the China Exim Bank.
According to him, the Ministry would commence the reconstruction and rehabilitation of the Port-Harcourt-Maiduguri Eastern Narrow Gauge railways in 2021.
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