FG to borrow $6.1 billion to complete all rail projects by December 2019

– Federal Government said it will borrow $6.1 billion to complete all rail projects in the country by 2019
– This was disclosed by the Minister of Transportation, Rotimi Amaechi on Monday March 27 in Abuja
– Amaechi said that the Federal Government had targeted the construction of Lagos – Ibadan, Kano – Kaduna rail projects

The Minister of Transportation, Rotimi Amaechi has, in a statement issued by the Ministry’s Director of Public Relations, Yetunde Sonaike, said the Federal Government has concluded plans to borrow $6.1 billion from Chinese Exim Bank to complete all rail projects in the country by 2019. The statement also said the minister had made this known during the Ministry’s 2017 budget proposal defence at the National Assembly.

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Amaechi said that the Federal Government had targeted the construction of Lagos – Ibadan, Kano – Kaduna rail projects and the first phase of the Coastal Rail (Lagos-Calabar) in the 2017 budget.
He said that President Muhammadu Buhari insisted that all rail projects in the country that had been awarded by previous administrations must be resuscitated and completed on or before December 2019.

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The minister said that rail projects needed to be completed due to the economic importance of these projects and the benefits to be derived by the generality of Nigerians. “Our plan is to complete the rail projects in 2019” he said.

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