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FG pays N72bn for delivery of Lagos-Ibadan railway scheme to Chinese firm

Minister of Power, Works and Housing, Mr. Babatunde Fashola has announced the release of the counterpart funding valued at N72bn in full so that there will be no delay in the project implementation.

This was disclosed at the Second Presidential Business Forum which was presided over by Vice-President Yemi Osinbajo at the old Banquet Hall of the Presidential Villa, Abuja.

According to the minister, “The construction of Lagos-Ibadan Railway, the Minister of Finance has been kind enough to release the counterpart funding in full.

“I think in the history of Nigeria this is the first time that we are releasing counterpart funds in full so that there will be no delay since the Chinese loan appears to have been approved.

This is the only project government has released its counterpart funding in full.

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