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Minister of Transportation, Rotimi Amaechi

FG releases counterpart funding for Lagos-Ibadan rail project

The Nation reports that Federal Government on Monday said it has released N72 billion as the full counterpart funding for the construction of Lagos-Ibadan modernization railway project.

This was disclosed by the Minister of Transport, Rotimi Amaechi, at the second Presidential Business Forum in Abuja.

He said: “For 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.”

He also urged the National Assembly to approve the federal government’s request to obtain $30 billion foreign loans.

According to him, the loan would speed up the development of the country.

Source: The Nation

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