– President Muhammadu Buhari has approved negotiation for a $15 billion loan
– The loan will be used to execute the completion of work on the Port Harcourt-Maiduguri rail project
– This was disclosed by the minister of transportation, Rotimi Amaechi
President Muhammadu Buhari has reportedly approved negotiation for $15 billion (5.4 trillion) loan for the completion of work on the Port Harcourt-Maiduguri rail project.
This was disclosed to State House correspondents by the minister of transportation, Rotimi Ameachi, after a closed door meeting with the president at the Presidential Villa, Abuja on Tuesday, March 20.
“The Port Harcourt-Maiduguri is yet to start because of funds, but the president has approved that we negotiate for funds.
“We are almost concluding negotiations. We are looking at the cost, it is in the neighbourhood of between 14 and 15 billion dollars,’’ Amaechi said.
He explained that a lot of progress is being made in the area of revamping rail transportation network across the country.
Amaechi also that the president has approved negotiations of funds for the execution of Lagos-Calabar rail project to ensure its speedy completion.
According to him, the laying of tracks on the Lagos-Ibadan route would commence next month, stressing that the project would provide a lot of job opportunities to Nigerians.
He said: “If the rain doesn’t start early we will start laying tracks on the Lagos-Ibadan route in April and hopefully we believe we can complete it in December or January and open it up for passengers and business and we expect about 6, 000,000 tons of cargo out of the 30,000,000 tons of cargo that we have between Lagos and Kano.
“In terms of job creation, you can be rest assured that it will be in thousands.”
He also said that the Itakpe-Warri rail project was being reconstructed, expressing optimism that it would be inaugurated by August.
“The tracks were already there but they were vandalised so we are rebuilding those tracks and then building new stations.
“We are also reconstructing a yard that was abandoned. All things being equal, the place should be ready soon, we gave them May as completion period but let’s say by August we should be commissioning,’’ he added.
Amaechi recently inaugurated the governing board of five agencies under his ministry, charging them to work in line with the policy direction of the Federal Government and shun acts of corruption.
He performed the inauguration of the five agencies at the Office of the Secretary of the Federation (OSGF) on Friday, March 9 in Abuja.
Rotimi Amaechi gives a summary of the Buhari administration on NAIJ.com TV