Coastal Rail Line: Nigeria Seeks Fresh $1.8 Billion Chinese Loan - Liberty TV/Radio - News - Voice For All! Vision For Alll!
Editor 4
May 24, 2019
The outgoing Minister of Transportation Rotimi Amaechi says the Federal Government had requested a fresh one point eight billion dollars from the China Export-Import, Exim Bank for the construction of coastal rail line.
He pointed out that the actual cost of the project was two point three billion dollars while the government is to pay five hundred million dollars as counterpart fund.
At a valedictory news briefing in Abuja, the Minister noted that the federal government is yet to pay any of the loans taken from the Asian giant even though full commercial operations had commenced on the Abuja-Kaduna rail corridor.
The Nigerian Railway Corporation, NRC had announced an improved revenue generation of four hundred per cent for 2018.
The Corporation’s Managing Director, Fidel Okhiria had said that in 2017, the corporation earned sixteen million naira monthly but its fortunes soared last year when the figure rose up to eighty million naira, but a little below its one hundred million naira monthly target.