FEDERAL GOVERNMENT SEEKS 46 BILLION DOLLARS IN FUNDING FOR RAILWAY PROJECTS

The federal government is negotiating with Russian Exim Bank and other investors from India to raise 46 billion dollars to fund railway modernisation across the country.

Minister of Transportation, Rotimi Amaechi, revealed yesterday that President Muhammadu Buhari had given approval to source for loan for the completion of the three standard gauge lines running from Lagos- Kano, Lagos -Calabar and Port Harcourt-Maiduguri.

He made the disclosure yesterday at the Lagos-Ibadan Railway transport management office in Ogun State.

He said the three strategic national rail network would cost 46 billion dollars.

According to him, the country was already talking with investors from Russia, India and America to provide the counterpart funding.

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