In spite approval, no fund for $11.174bn Lagos-Calabar Coastal Rail
The Federal Executive Council (FEC) Wednesday approved $11.174 billion for the construction of a standard-gauge coastal railway from Lagos to Calabar. Checks showed that there is no ready fund for the project takeoff.
Besides, the recent borrowing spree approved by the Senate is for Kano-Katsina-Maradi in Niger Republic.
FEC also approved the award of two contracts to the tune of N6.2 billion and N2.31 billion, respectively, for the construction of two power substations in Jigawa and Akwa Ibom states. The council approved the acquisition of 20 per cent minority stake by the Nigerian National Petroleum Corporation (NNPC) in Dangote Petroleum and petrochemical refinery in the sum of $2.76 billion. This was as hope for the restoration of the country’s four refineries in less than eight years from now was raised yesterday. Minister of State for Petroleum Resources, Chief Timipre Sylva, disclosed these at the end of the monthly FEC meeting in Abuja. Sylva also announced the federal government’s approval of $1.484 billion for the rehabilitation of both Warri and Kaduna refineries. However, the Nigerian National Petroleum Corporation (NNPC) failed to meet its gross revenue projections in the first six months of 2021, hitting a huge deficit of N1.106 trillion during the period.