$1.5 billion from the China Exim Bank to begin work on the Lagos-Ibadan rail line project.
The Federal Government yesterday said it had secured $1.5 billion from the China Exim Bank to begin work on the Lagos-Ibadan rail line project. Minister of Transport Rotimi Amaechi said this when he appeared before the Senate Committee on Land Transport, chaired by Gbenga Ashafa, to give a status report of the 2016 budget and also present the 2017 budget. Amaechi said the foundation of the Lagos-Ibadan Segment Two of the Lagos- Kano rail project would be laid before March 31. He said the target of the Federal Government is to begin work from Apapa sea port to Ogun and then to Ibadan. Amaechi said: “In the first quarter of 2017, the foundation of the Lagos-Ibadan Segment Two of the Lagos- Kano rail project will be laid. “The implication here is that we will start the Lagos-Ibadan rail line before March 31. “Our target is to begin from Apapa sea port down to Ogun and then to Ibadan. “The counterpart fund is ready but don’t forget that we are borrowing from China. The Chin...