News
I Need $36 Billion To Build Railway Nationwide —Amaechi
Rotimi Amaechi, the Minister of Transportation, claims that he only needs $36 billion to connect the entire country by rail.
Amaechi made the remarks on NTA’s ‘Good Morning Nigeria,’ on Friday.
The minister explained that the railway industry requires a lot of capital, which makes it difficult for private companies to invest in it.
He stated that the Nigerian government has borrowed funds from abroad because only the government can provide the necessary collateral for such loans.
When asked why the Kaduna-Abuja railway had not been connected to Lokoja, Amaechi responded, “If we had money, I would want to be the minister who initiated and completed Nigeria’s linking.” All I need is $36 billion. They are all worth $36 billion (will be linked).
The former Rivers State governor said the President, Major General Muhammadu Buhari (retd. ), had done exceptionally well in the area of infrastructure, but he feared that the Buhari regime’s gains would be reversed if the Peoples Democratic Party took power in 2023.
Amaechi described Buhari as a one-of-a-kind President because he did not cancel former President Goodluck Jonathan’s projects but instead decided to continue them for the benefit of Nigerians.
Nigeria had borrowed $3.12 billion from China as of March 31, 2020. Concessional loans are linked to a number of rail projects. The projects include the Nigerian Railway Modernisation Project (Idu-Kaduna section); the Abuja Light Rail Project; the Expansion of Four Airport Terminals (Abuja, Kano, Lagos, and Port Harcourt); and the Nigerian Railway Modernisation Project (Idu-Kaduna section).
Nigeria had borrowed $3.12 billion from China as of March 31, 2020. Concessional loans are linked to a number of rail projects. The projects include the Nigerian Railway Modernisation Project (Idu-Kaduna section); the Abuja Light Rail Project; the Expansion of Four Airport Terminals (Abuja, Kano, Lagos, and Port Harcourt); the Nigerian Railway Modernisation Project (Lagos-Ibadan section); and the Rehabilitation and Upgrading of the Abuja – Keffi- Makurdi Road Project.
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