The Federal Government has approved the sum of $2.3bn for the development of a coastal rail line that will run through coastal states in the country.

It was gathered that of the sum, $1.8bn would come as a loan from China, while the Federal Government would provide $500m as counterpart fund.

The Minister of Transportation, Rotimi Amaechi, who disclosed this during his valedictory press conference in Abuja on Thursday, explained that the rail line would transverse Lagos, Delta, Anambra, Benin, Rivers and Cross River states, with connections to the central rail line that goes to Abuja.

He said, “The government has approved for us to seek a loan of $1.8bn to start work on the coastal rail. The coastal rail is from Lagos to Calabar. So we are taking the segment that starts from Port Harcourt to Warri to join the central line that goes to Abuja.

“And then another segment that starts from Benin to Onitsha. But as it is going to Onitsha, it will join the central line again at Agbor. The Port Harcourt-Warri line will join the central line at Warri. The Benin-Onitsha line will join the central line at Agbor. They are all part of the coastal rail line, which is about $11.1bn.”

He said, “There are other projects that are considered for construction. The one that we just got approval for from the cabinet is the central line, which begins from Abuja through Baruo, Itakpe and Lokoja; that has been approved. With a seaport to Warri approved.

Amaechi continued, “The Federal Government will give a sovereign guarantee to enable them to get a quick loan. In turn, the contractor will give us a performance guarantee. The performance guarantee means that since you have concessioned this project to me after the completion, I will run the seaport and the rail line in such a way that I will pay back in 20, 30 or 40 years time, depending on the agreement reached.
https://punchng.com/fg-approves-2-3bn-for-coastal-rail-line-development/

This is good for the economic capital of the SE- Onitsha

Wonderful.

I applaud the FG and Amaechi.

big time forward

plaindealer:
Wonderful.

I applaud the FG and Amaechi.

its truly commendable, P.H to Warri as d first segment to join the central line to Abuja is a masterstroke!

Amaechi for President.
Tinubu and South West Should be patriotic and support Amaechi to be the next president of nigeria

To be commissioned in 2050.

Nigeria should beware on Chinese goose and handouts. It's more dangerous than poverty.

I still believe that in my generation, good things will still happen in Nigeria.

Fantastic. I am getting more impressed by the Buhari administration with each passing day.

There's no two ways about it. These are highly transformative projects that will boost business activities across the land, and generate wealth.

Do you people realise that the building of railroads across the nation was what made the US an economic superpower, by drastically reducing the cost of doing business in that country?

This thing called development is not rocket science. Put the right things in place as per infrastructure, and any population of human beings will explode with enterprise and innovation.

They are just approving. Funds will be released in 2022 and looted by Feb 2023. There the story ends

I sincerely pray that we don't end up becoming slaves to the Chinese many years down the line. We're taking too many loans all secured on our prime assets if I got the terms right.

Let's monitor this projects, just as we are monitoring the Lagos - Ibadan rail line.

MadamExcellency:
To be commissioned in 2050.

Nigeria should beware on Chinese goose and handouts. It's more dangerous than poverty.

Everything about you is fake.
Any more word and I will expose you.
Shameless idiot.

Same way Lagos - Abeokuta - Ibadan is 70% completed in 4 years.

So much for hate.

MadamExcellency:
To be commissioned in 2050.

Nigeria should beware on Chinese goose and handouts. It's more dangerous than poverty.

[s]

delpee:
I sincerely pray that we don't end up becoming slaves to the Chinese many years down the line. We're taking too many loans all secured on our prime assets if I got the terms right.

[/s]
That's your own problem.

Even the US owes China in trillions.

Nigeria isn't borrowing to sustain consumption but to build infrastructure that will not only provide jobs and make life better but also repay the loans borrowed.

When you sell your soul to the devil..

China go buy us over sooner than we think

Wetin concern buhari,he knows he will be long dead and gone wen chinco will ask for repayment

My President is working.
God bless Nigeria.

One Igbo said it is only good for Southeast
.
.
Let Dem complete it first just like Lagos-ibadan railway

This is what should give me joy
Not who wins Zamfara

Next level borrowing.

Let me be stockpiling bitcoin first.

Nigeria will not escape this doom coming

Government with no direction.

-

With the explanation and details in the article, I don't see how that is a COASTAL rail... basically a Southern Nigeria railway system.

Government should collect it and give it to Fulani herdsmen cos Nigeria belongs to them and the rest of us are slaves or second class citizens.

Very soon they will sell Nigeria to China if we cannot pay back the loan.

Them done thief money so teh them they take loan.

Rain will never spoil your watch again. Get it now for N4,000.

Pay on delivery nationwide.
Delivery fee is N1,000.

Contact: check my number below.

Ok