The Federal Government needs the sum of $656 million to get the Lagos-Ibadan Railway project completed.
The Honourable Minister of Transportation, Mr. Rotimi Amaechi, said this on Friday before the Senate, while defending his ministry’s budget for 2021.
Amaechi explained that the amount was required to put in place the necessary infrastructure for it to serve its intented purpose.
He said: “Some aspects of works involving the construction of upgraded railway station, signalling and telecommunication systems, power supply scheme and the construction of pedestrian and overpass bridges have to be completed.”
“These additional and extra works amounting 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.”
The Minister also told the lawmakers that the construction of the project was 92 per cent close to completion.
He, however, lamented that the work was disrupted following the #EndSARS protests that shook most parts of the country.
Amaechi noted that the Ibadan-Kano railway project also required an injection of $645.3million as advance payment to enable the Federal Government to complete its loan signing agreement with the China Exim Bank.
The minister also said that the reconstruction and rehabilitation of the Port-Harcourt-Maiduguri Eastern Narrow Gauge railways would commence in 2021.
