The Federal Government has secured $1.5 billion (about N450 billion) counterpart funding from China for the Lagos-Ibadan rail project set to commence in March.

The Minister for Transportation, Rotimi Amaechi, made the disclosure on Wednesday when he appeared before the Gbenga Ashafa-led Senate committee on land transport to give report of his ministry’s 2016 budget and defend the proposal for 2017.

“In the first quarter of 2017, the foundation of the Lagos-Ibadan segment two of the Lagos-Kano rail project will be laid,” said Mr. Amaechi; adding that, “the implication here is that we will start the Lagos-Ibadan rail line before the end of March.

“Our target is to commence from the Apapa seaport down to Ogun and then to Ibadan.”

Lagos-Ibadan rail line is a segment of the Lagos-Kano railway project, one of the most important and ambitious infrastructural targets of the Muhammadu Buhari-led All Progressives Congress government.

In January, the government announced wholesale release of N72 billion as Nigeria’s counterpart funding for the Lagos-Ibadan railway.

https://www.premiumtimesng.com/news/headlines/222278-nigeria-secures-1-5-billion-chinese-loan-lagos-ibadan-rail.html

Loan again? Is it that Nigeria politicians are not creative enough to think of new ways of generating income? Taken loans which almost half of it would be diverted

Watch as the GEJ started it but did nothing bandits dodge this thread.

Who Secured the Loan - Buhari Government

Who paid counterpart Funding- Buhari Government

Who commenced the project - Buhari Government


Who finished the project- Buhari Government

Who inaugurated the Project- President Buhari


God Bless President Buhari
God Bless BAT
God Bless Amaechi
God Bless Yorubaland
God Bless Federal Republic of Nigeria

God punish PDP




God punish PDP miscreants and the children of 8

Noted

It's confusing.

FG releases N72bn full counterpart funding for Lagos-Ibadan rail


ABUJA-Federal Government on Monday said that it has released N72billion being the full counterpart funding for the construction of Lagos-Ibadan modernization railway project.

Minister of Transportation, Rotimi Amaechi, disclosed this while speaking at the second quarterly Presidential Business Forum in Abuja, presided over by Acting President Yemi Osinbajo.


Amaechi also appealed to the National Assembly to approve the Federal Government’s request to obtain
N30billion dollars foreign loans, saying it would speed up the development of the country.

He said: “The construction of Lagos-Ibadan Railway, the Minister has been kind enough to release the counterpart funding in full.

“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, I thank God there is somebody from the National Assembly, is to plead with the National Assembly that the funds have been approved, then the National Assembly should please approve the 30billion dollars 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 the economy to make.

“So, for me here, I will enjoin to persuade the National Assembly to kindly make that approval because they are tied to projects,’’ he said.

It will be recalled that railway project, which has been awarded to the China Civil Engineering Construction Corporation, is to be jointly funded by the Nigerian and Chinese governments.

The project scheduled to start next month would cost about $1.5bn (N458bn).

https://www.vanguardngr.com/2017/01/fg-releases-n72bn-full-counterpart-funding-lagos-ibadan-rail/?amp=1

wwwihy:
Who Secured the Loan - Buhari Government

Who paid counterpart Funding- Buhari Government

Who commenced the project - Buhari Government


Who finished the project- Buhari Government

Who inaugurated the Project- President Buhari


God Bless President Buhari
God Bless BAT
God Bless Amaechi
God Bless Yorubaland
God Bless Federal Republic of Nigeria

God punish PDP

God punish PDP miscreants and the children of 8

Everything isn't about politics. Nigeria is broke and we shouldn't be borrowing to finance projects that can't pay for themselves.

[s]

SocialJustice:
Everything isn't about politics. Nigeria is broke and we shouldn't be borrowing to finance projects that can't pay for themselves.

[/s]
That should be directed at PDP