Minister of Transport, Rotimi Amaechi has disclosed that Nigeria wants not lower than N46 billion (about N16.56 trillion) to assemble its three main velocity rail traces.
The minister stated this on Tuesday in Papalanto, close to Abeokuta, Ogun State throughout a joint inspection of the Lagos-Ibadan normal rail gauge with the Minister of Information and Culture, Alhaji Lai Mohammed.
According to him, the three velocity rail line tasks – Lagos to Kano, Lagos to Calabar and Port Harcourt to Maiduguri – had been essential to the administration of President Muhammadu.
The minister stated that though the federal government didn't have the fund able to finance the tasks, however the President had directed him to supply for the fund due to the significance of the tasks.
“We don’t have the cash obtainable however we've got to supply it.
“The Federal Government should search for the cash, we could possible borrow the cash as a result of the cash is not only there.
“For now, the Chinese are funding the Lagos to Kano rail undertaking and any of those who we've got approached, after they give us cash for the opposite two tasks we'll gladly take.
“This is because it is a long time investment and the money will not be recovered in time,” he stated.
The minister stated that he had approached the Russian Nexim Bank for funding of any of the rail undertaking.
Speaking on the 156km Lagos-Ibadan rail undertaking, Amaechi stated they had been working to satisfy the December 2018 completion deadline.
He stated upon completion, it might take a velocity practice of 150km per hour that may journey from Lagos to Ibadan in a single hour.
“We will introduce specific practice that can take off from both Apapa or Ebute Metta straight to Abeokuta and to Ibadan.
“We will also introduce train that will stop in all the nine stations to give passengers choices,” he stated.