The Fiscal Responsibility Commission (FRC) says the ongoing Lagos-Ibadan standard gauge rail project has met the agency’s mandate of ensuring value for money and expected to be completed according to standards.
Ibrahim Dauda, Director of the Audit Department, FRC, made the assertion during an inspection conducted by the agency’s team on the project in Lagos.
Reports show that the FRC’s inspection of the Nigerian Railway Modernisation Project focuses on the Lagos-Ibadan section with extension to Apapa Port.
According to him, the project has substantially met the criteria for transparency and accountability in the management of the funds.
“The team has been to the site of the ongoing construction of the Lagos-Ibadan standard gauge rail line which passes through Abeokuta.
“From the briefing, we have received and seen on the site, the project will be substantially completed and delivered.
“We are happy that the Federal Government has always been meeting up with its funding and the China Eximbank has been up too. Their commitment has assisted in the project.
“The Fiscal Responsibility Commission has the mandate to ensure that all projects promote prudent and transparent fiscal management in the country.
“This means ensuring that all projects have value for money, they are completed according to standards, transparency, and accountability, particularly in the management of funds.
Dauda commended the government on efforts taken so far in ensuring the project became a reality.
“We can say that this project has met substantially that criteria. So, it is going to be to the benefit of the country that this project is completed as envisaged. That is, it goes beyond Ibadan,’’ the auditor added.