Buhari approves rail construction loan
President Muhammadu Buhari has approved the negotiation for $15 billion loan for the completion of work on the Port Harcourt – Maiduguri rail project.
Minister of transportation, Rotimi Amaechi, made the disclosure after a closed-door meeting with President Buhari at the Presidential Villa in Abuja on Tuesday, March 20.
He also said that the President approved negotiations of funds for the execution of Lagos – Calabar rail project to ensure its speedy completion.
Amaechi said although the Lagos-Calabar and Port Harcourt- Maiduguri rail projects are yet to start because of funds, the President has approved that the ministry negotiates for funds which are in the neighbourhood of between 14 and 15 billion dollars.
The transportation minister further explained that a lot of progress is being made in the area of revamping rail transportation network across the country.
He said the laying of tracks on the Lagos-Ibadan route would commence next month, adding that the project would provide a lot of job opportunities to Nigerians when completed.
He said that the Itakpe – Warri rail project was being reconstructed, while he expressed hope that it would be inaugurated by August.
However, the minister urged Nigerians to be patient as all regions will gain in the rail construction of the present administration.
Report by Nnabuchi Nnabuchi