By using this site, you agree to the Privacy Policy and Terms & Conditions.
Accept
Okay.ngOkay.ngOkay.ng
Font ResizerAa
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Reading: FG to Borrow $6.1bn From China to Complete All Rail Projects by 2019
Share
Font ResizerAa
Okay.ngOkay.ng
  • News
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Search
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Follow US
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
© OKN MEDIA PUBLISHING 2022 - All rights reserved
News

FG to Borrow $6.1bn From China to Complete All Rail Projects by 2019

Farouk Mohammed
By Farouk Mohammed
Published: March 28, 2017
Share
3 Min Read
SHARE

The Federal Government (FG) has concluded plans to borrow $6.1 billion from Chinese Exim Bank to complete all rail projects in the country by 2019.


 

The Minister of Transportation, Rotimi Amaechi, who disclosed this on Monday in Abuja, in a statement issued by Yetunde Sonaike, the Ministry’s Director of Public Relations, said that the Federal Government had targeted the construction of Lagos – Ibadan, Kano – Kaduna rail projects and the first phase of the Coastal Rail (Lagos-Calabar) in the 2017 budget.

He said that President Muhammadu Buhari insisted that all rail projects in the country that had been awarded by previous administrations must be resuscitated and completed on or before the December 2019.

Amaechi said that rail projects needed to be completed due to the economic importance of these projects and the benefits to be derived by the generality of Nigerians.

- Advertisement -

“Our plan is to complete the rail projects in 2019. Once our borrowing plan of $6.1 billion from the Chinese EXIM Bank is approved by the National Assembly, we will be able to access the loan from the Chinese Government and work will commence in earnest.

“The 2017 total capital budget of the Federal Ministry of Transportation is N243.74 billion.

“The 2016 total capital budget of the ministry was N171. 65 billion out of which N42 billion was released, representing 24.5 per cent,” he said.

According to the minister, some vital projects for the year 2016 considered ongoing includes the completion of the Mainline and Ancillary Facilities with Electric Power Supply, Freight Yards in Idu and Regasa.

- Advertisement -

He said the Locomotive Workshop, Rolling Stock Deport and provision of operational facilities for Abuja – Kaduna Rail line, remobilisation and resuscitation of the Central Rail line Project of Itakpe – Ajaokuta – Warri has also been captured in the 2017 budget for construction.

“The minister said that the ministry will ensure that efforts are directed towards achieving a roadmap with the implementation and development of some key projects, such as infrastructural development through Airport Concession.

“Establishment of National Carrier, Establishment of Maintenance Repair and Overhaul (MRO) facilities, Development of Agro-Allied Cargo Infrastructure and Establishments of Leasing Company, Establishment of Aerospace University with the support of International Civil Aviation Organisation (ICAO) through Public Private Partnership (PPP).

“The essential focus of the ministry’s 2017 Budget is to provide effective and efficient means of transportation for the nation, thereby, contributing to national development.

“The consequent effect of the implementation of this budget is to guarantee mass employment opportunities for Nigerians and to ensure wealth creation, more revenue generation and less pressure on the Nigerian roads,” he said.

Stay Updated on the Go with Our Latest News—Join Our WhatsApp Channel Now!
TAGGED:ChinaFGRail Projects
Share This Article
Facebook Whatsapp Whatsapp Telegram Email Copy Link Print
ByFarouk Mohammed
Publisher
Follow:
Farouk Mohammed is a Head Editor at Okay Nigeria (Okay.ng). He has been publishing for 10 years and focused more on Local/World News on Okay.ng
Previous Article Exchange Rate 28/3/17: See Today’s Naira Rate Against Dollar, Pound and Euro
Next Article Mourinho Is The Right Manager for Pogba, Says Pires

Connect with Okay on Social

FacebookLike
XFollow
InstagramFollow
TelegramFollow

Dollar/Naira Rates

Dollar to Naira Exchange Rate

Okay.ng Logo
Buy Rate ₦1,605.00
Sell Rate ₦1,620.00

Last updated: 4 days ago (June 3, 2025 2:33 pm)

Displayed rates are for informational purposes only and are subject to change.

USD/NGN Converter

- Advertisement -
- Advertisement -
Ad imageAd image
- Advertisement -
Ad imageAd image

Recent Posts

Pastor Adeboye
Pastor Adeboye Shares Divine Directive: Leaving RCCG Could Lead to Tragic Loss
News
Anglican Bishop of Lafia Calls on President Tinubu to Address Root Causes of Nigeria’s Insecurity and Economic Woes
News
Egbe Bobakeye Okunrin Akile Ijebu Refutes False Claims About Queen Elizabeth II’s 1956 Visit
News
NRC Managing Director Warns Against Railway Vandalism: “We Don’t Have Scraps, We Have National Assets”
News
Tragic Head-On Collision in Jigawa Claims Nine Lives, Dozens Injured
News
- Advertisement -
Ad imageAd image

You May Also Like

Sport

Victor Osimhen Returns to Nigeria as Al Hilal Transfer Hangs in Balance Ahead of FIFA Club World Cup

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 7, 2025
News

Tinubu Urged by PDP to Cut Fuel and Electricity Costs Amid Eid-el-Kabir Festivities

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 7, 2025
Mike Ejeagha
News

Mike Ejeagha, Nigerian Highlife Maestro, Dies at 95

Muhammad A. Aliyu
Muhammad A. Aliyu
June 7, 2025
Okay.ngOkay.ng
Follow US
© OKN MEDIA PUBLISHING 2025 - All rights reserved
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
adbanner
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?