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The Minister of Transportation, Rotimi Amaechi has said the Federal Government requires the sum of $656 million to complete work on the Lagos-Ibadan railway project.
Amaechi disclosed this on Friday while defending his ministry’s 2021 budget at the Senate.
He explained that the amount is needed to put the necessary infrastructure in place for the project to serve its intended purpose.
“Some aspects of works involving the construction of upgraded railway station, signalling and telecommunication systems, power supply scheme and the construction of pedestrian and overpass bridges have to be completed,” he said.
“These additional and extra works amounting to $656 million which is to be financed 100 percent by the Federal Government of Nigeria has been approved by the Federal Executive Council for implementation.”
The Minister also told the lawmakers that the construction of the project is 92 percent close to completion.
He however lamented that the work was disrupted following the #EndSARS protests that shook most parts of the country.
Amaechi noted that the Ibadan-Kano railway project also required an injection of $645.3million as advance payment to enable the Federal Government to complete its loan signing agreement with the China Exim Bank.
According to him, the Ministry would commence the reconstruction and rehabilitation of the Port-Harcourt-Maiduguri Eastern Narrow Gauge railways in 2021.