nn President Buhari set 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 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 Minister of Transportation, Rotimi

Amaechi, disclosed this on Monday

March 27 in Abuja.

Premium Times reports that in a

statement issued by Yetunde Sonaike,

the Ministry’s Director of Public

Relations, Mr Amaechi was said to have

made this known during the Ministry’s

2017 budget proposal defence at the

National Assembly in Abuja.

Gist70.com gathered that Mr 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

the December 2019.

Mr Amaechi 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.