Senate Approves $1.8 Billion for Railway Projects

The Senate has approved the U.S.$1.806 billion Federal Government 2016-2018 external borrowing plan for Lagos-Kano railway modernization project and reconstruction/rehabilitation of the North-East.

14 August 2017 Monday, 06:40

The Senate has approved the U.S.$1.806 billion Federal Government 2016-2018 external borrowing plan for Lagos-Kano railway modernization project and reconstruction/rehabilitation of the North-East.

It also approved the $750 million medium term external loan requests for six states, out of the Federal Government ‘s request of $1.49 billion for 10 states.

The breakdown of the utilisation of the $575 million World Bank (WB)  loan includes $125 million for polio eradication support and routine immunisation project, $75 million for community and social development project, and $125 million for Nigeria States Health Programme Investment project.

Chairman of the Senate Committee on Land Transport Senator, Gbenga Ashafa, and Chairman, Senate Committee on Local and Foreign Debts, Senator Shehu Sanni, led the delegation from the Senate. Ashafa, stressed the need for project contractor to ensure that they maximize the local materials and manpower in order to have direct impact on the Nigerian economy.

According to Ashafa, “We are confident that the Lagos to Kano, and Calabar to Lagos railway modernization projects would in no small way further reinvigorate the Nigerian economy through the creation of jobs. “We therefore, call on CCECC to maximize local content in the area of raw materials and labour force. “The focus of this visit is to immediately set in perspective our commitment to ensuring a high level of accountability in public expenditure. “This is in line with our constitutional responsibility to carry out periodic oversight functions to the Ministries, Departments and Agencies under the supervision of the Joint Committee.”

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