As part of its commitment to the Lagos-Ibadan rail development project, the Federal Government has released N72 billion of its counterpart funding.
Minister of Transportation, Rotimi Amaechi who disclosed the development on Monday explained that Chinese partners are expected to make available the balance.
The $1.5billion (N458billon) project, which has been awarded to the China Civil Engineering Construction Corporation and to be jointly funded by the Nigerian and Chinese governments, is scheduled to start next in February, this year.
Amaechi, who was at the Second Presidential Business Forum at the Presidential Villa, Abuja, said:“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.”
