The Minister of Transportation, Rotimi Amaechi, has said the Federal Government acquired about $2.5 billion for the development of the Lagos-Ibadan rail line.
Amaechi, who expressed this in a meeting on Channels Television's Newsnight on Monday night, said: "In the event that you take a gander at the entire all out cost, it will be $2.5 to $2.6 billion that we have acquired from China Exim Bank."
He clarified that the Federal Government's choice to stretch out the rail line to the country's seaports was for the monetary advantage related with it.
Yet, toward the day's end, the task is costing about $2 billion. The public authority is hacking out something beyond $200 million. We are achieving out $700 million since we need to end at the seaport in Apapa, which was not piece of the first plan.
So we needed to take about 45kilometres rail from Ebute-Metta into Apapa seaport. Everything together is about $2 billion. There is an extra one they will bring to interface Tincan Island Seaport to Apapa, that will be some additional expense which we need to get from them.
"They likewise loaned us about $1.4 billion for the Lagos-Ibadan while the Federal Government needed to hack out about $200 million to make it $1.6 billion," Amaechi added.
He said the Federal Executive Council, FEC, had affirmed the two essential credit offices introduced by the Ministry of Transporation, adding that the organization of ex-President Goodluck Jonathan had acquired $500 million for the Kaduna-Abuja rail line.
The priest said since the beginning of President Muhammadu Buhari's administration in 2015, the rail line had taken Nigeria about $1 billion, adding that the government needed to hack out the leftover cash.
He expressed further: "When we came, a piece of the task was deserted for the powerlessness of the public authority to create the partner financing. So what the public authority did was to deliver the partner financing and cash for the additional work we expected to do.
"We needed to purchase the trains and mentors to empower us to initiate business exercises. For the Kaduna-Abuja, they loaned us $500 million."