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FG releases N72bn for funding of Lagos-Ibadan modernization railway project

The Federal government has released N72billion being the full counterpart funding for the construction of Lagos-Ibadan modernization railway project.

Minister of Transport, Rotimi Amaechi, announced this at the 2nd Presidential Quarterly Business Forum which held at the State House Banquet Hall, Abuja on Monday 23rd, January 2017.

According to him, the counterpart funding was released in full so that there will be no delay in the project implementation, since the Chinese loan appears to have been approved.

Recall that the railway project, which has been awarded to the China Civil Engineering Construction Corporation, is to be jointly funded by the Nigerian and Chinese governments. The project is scheduled to start in February and would cost about $1.5bn (N458bn).