FG seeks $40billion credit facilities for railway construction in major cities

Mary Akanmu, Abuja

The Nigerian Government has commenced negotiations with China, Russia, India among others for $40billion credit facilities to construct railways that would connect major cities in the country.

The Minister of Transport Rotimi Amaechi while inspecting the ongoing railway construction of the Lagos-Ibadan railway said government is sourcing funds from China Exim Bank, India, Russia adding that not so many countries are willing to provide the fund

Amaechi said the President has directed them to ensure the inter-connectivity of all state capitals but Nigerians need to be patient as they would need about $36-40billion to complete the inter-connectivity.

He said “Nigerians need to ask what was done with the money when we had it, those criticizing President Buhari’s administration should asked themselves that question, we were all enjoying the money by the way of corruption, now you are harassing us. It’s a bit difficult, we are trying to find solutions to the challenges.

“But Nigerians should realize, this challenge are only resolved by funds and this fund are not readily available because we have spent it and funding is a major challenge for us”

He maintained that railway construction is highly capital intensive as no investor would want to invest in railway construction adding that he has challenged Nigerians who know any private firm that can construct railway to me forward.

He disclosed that the contract for the construction of Lagos to Calabar railway has been awarded but they are still sourcing for money adding that, government is still sourcing for funds for construction of Lagos-Kano.

He said he is a South-South man and emotionally attached to the project awarded under the Goodluck Jonathan administration.

Amaechi however gave the assurance that the Lagos-Ibadan railway project cannot be abandoned given that the APC won the election saying even if the minister is changed it is still the same government.

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