Rotimi AmaechiMinister of Transportation, Rotimi Amaechi, has stated that the Federal Government would need $656m to complete the ongoing work on the Lagos-Ibadan railway project.
The minister made this disclosure while defending the 2021 budget of his ministry before the National Assembly Joint Committee on Land and Marine Transport on Friday.
He explained that the amount is needed to put the necessary infrastructure in place for the project to serve its intended purpose.
The Minister revealed at the hearing that the project is around 92% complete.
He also made it known that the Ibadan-Kano railway project would require $645.3m as advance payment to enable the Federal Government to complete its loan signing agreement with the China Exim Bank.