Mr. Rotimi Amaechi, Minister of Transportation revealed on Monday that the Federal Government has released its counterpart fund for the construction of the Lagos-Ibadan mordernisation railway project. According to him, N72bn was released.
Amaechi, said the fund was released in full to ensure that there is no delay in the project implementation.
“The construction of Lagos-Ibadan Railway, the Minister of Finance 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 has been approved, then the National Assembly should please approve the $30bn 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.”