FG Negotiating Loans on Lagos-Calabar Rail Project

Federal government is negotiating a foreign loan package to finance the proposed Lagos-Calabar coastal rail project

Other rail projects to be financed with the foreign loan include the construction of Kano-Maradi line and rehabilitation of port Harcourt-Maiduguri rail line

Transportation minister, Rotimi Amaechi says the foreign loans are being negotiated by finance minister, Zainab Ahmed

He explains that the Lagos-Ibadan standard gauge rail project is 92 per cent completed, and that loan from china Exim bank could not be drawn down because of the extra $656 million required for the construction of overhead and pedestrian bridges to be funded by the federal government The extra $656 million, according to the minister, is to be included in the proposed 2021 budget

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