The Federal Government needs $166 billion in the next five years to meet the country’s energy and transport infrastructure needs, according to the Minister of Transportation, Mr Rotimi Amaechi.
Speaking at a public hearing in the House of Representatives on a Bill for an Act to Repeal the Nigerian Railway Corporation Act on Monday in Abuja, Amaechi also said that the Federal Government and General Electric had concluded arrangements for the commercialisation of the Lagos-Kano railway project.
The hearing also focused on a bill for an Act to provide for the establishment of three national transport commissions.
He explained that the measure was intended to guarantee efficiency, competitiveness and profitability in the sector.
Yakubu Dogara, the Speaker, House of Representatives, while declaring the public hearing open, expresed optimism that if the obsolete Act of the Nigeria Railway Corporation was repealed, Nigerians would enjoy cheaper means of transporting their goods, as well as quality services. He also said that the incessant damage to roads by heavy duty trucks would be reduced.