FG releases N72bn for Lagos-Ibadan rail line
The Ministry of Transportation, stated that the Federal Government had released N72bn as its counterpart funds for the construction of the Lagos-Ibadan standard gauge railway line.
The Minister Mr. Rotimi Amaechi, made this know 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.
According to him, the money was released in full so that there would be no delay in the implementation of the project.
Amaechi also used the opportunity to appeal to the National Assembly to approve the $29.9bn foreign loan request made by President Muhammadu Buhari.
“On the construction of the Lagos-Ibadan Railway, the Minister of Finance has been kind enough to release the counterpart funding in full”.
He added: “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 is to plead with the National Assembly to 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 it to make.
“So, for me here, I will enjoin you to persuade the National Assembly to kindly make that approval because they are tied to projects.”