FG Releases Its N72bn Counterpart Fund For Lagos-Ibadan Rail line

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Yemisi Izuora

The Federal Government has released N72bn as its counterpart funds for the construction of the Lagos-Ibadan standard gauge railway line.

The Minister of Transportation, Mr. Rotimi Amaechi, who made the disclosure said the money was released in full to facilitate implementation of the project.

Amaechi also appealed to the National Assembly to approve the $29.9bn foreign loan request made by President Muhammadu Buhari.

“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.”

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