Monday , October 18 2021

Amaechi says FG needs $656m to complete Lagos-Ibadan rail line

He additionally made it identified that the Ibadan-Kano railway undertaking would require $645.3m as advance cost to allow the Federal Authorities to finish its mortgage signing settlement with the China Exim Financial institution.

In September 2019, the Federal Government approved $5.3bn for the development of Ibadan to Kano commonplace gauge rail line undertaking.

Amaechi stated, “Underneath the railway fashionable programme, I’m completely satisfied to report that the development of the Lagos-Ibadan Customary Gauge line has reached 92 per cent undertaking completion.

“Nevertheless, for the undertaking to attain full mortgage drawdown from our co-financier, China EXIM Financial institution, and attain sensible completion for it for use for the meant goal, some facets of works involving development of upgraded railway stations, signalling and telecommunication system, energy provide scheme and development of pedestrian and overpass bridges must be accomplished.

“This extra and further works amounting to $656m which is to be financed 100 per cent by the Federal Authorities of Nigeria has been accepted by the Federal Govt Council for implementation.

“Equally, for the implementation of the Ibadan-Kano railway, which is the excellent section of the Lagos-Kano railway undertaking, one of many circumstances precedent to signing of the mortgage settlement is the discharge of advance cost within the sum of $864m, out of which authorities has launched the sum of $218.7m as half cost, leaving a stability of $644.3m.”

He stated the ministry deliberate to finish the fencing of the Abuja-Kaduna railway line for safety functions.

On Itakpe-Ajaokuta-Warri railway undertaking, which was just lately commissioned by President Muhammadu Buhari, the minister stated Nigeria nonetheless had an impressive quantity to be paid.

Amaechi additionally disclosed that reconstruction and rehabilitation of the Port-Harcourt-Maiduguri (Jap Slender Gauge railways) subsequent yr.

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