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The Nigerian Government has released the sum of N72 billion as counterpart funding for the construction of Lagos-Ibadan modernisation railway project to China.
The Minister of Transportation, Mr. Rotimi Amaechi, made this known at the quarterly Presidential Business Forum which was presided over by Vice-President Yemi Osinbajo at the Presidential Banquet Hall, Abuja, on Monday, stressing that “…in the history of Nigeria, this is the first time that we are releasing counterpart funding in full so that there will be no delay, since the Chinese loan appears to have been approved.”
The News Agency of Nigeria (NAN) reports that the Lagos-Ibadan rail project which was awarded to China Civil Engineering Construction Corporation would cost about $1.5 billion (N458bn).
Amaechi, who commended the Minister of Finance, Mrs Kemi Adeosun, for ensuring full release of the counterpart funds for the project, enjoined the National Assembly to ensure speedy approval of the 30 billion dollars foreign loans for various project.
On the concerns raised by the President of Manufacturers Association of Nigeria (MAN), Frank Udenba-Jacobs, over the closure of the Nnamdi Azikiwe International Airport Abuja, Amaechi said the airport’s runway would be reconstructed not rehabilitated.
“I don’t know if there is anything new you want to hear about the closure of the airport.
“The story is the runway was built to last for 20 years and now it has lasted for 34 years and government does not want to lose anybody.
“I heard that Lufthansa landed and damaged their gear. They have been grounded for three days, trying to repair it and fly back.
“Imagine if those three hundred and something persons had died. The first thing you will hear is Minister of transportation- resign; minister of state for Aviation – resign.
“We don’t want to resign,” Amaechi said.
Amaechi said the entire architecture of the runway from bottom to top has collapsed, insisting it is totally unsafe to continue to use the runway.
Source: NAN
