Ibadan-Kano rail project: FG approves $5.3bn for construction

Ibadan-Kano rail project: FG approves $5.3bn for construction

The federal government has approved the use of $5.3 billion for the construction of the Ibadan to Kano rail line project.

This was confirmed on Thursday, September 12, by the minister of Transportation, Rotimi Amaechi, The Nation reports.

Amaechi said: “Just yesterday, we got approval to complete the $5.3bn Ibadan to Kano rail project. We have also applied for funding to commence coastal rail for the Port Harcourt to Warri segment.”

Meanwhile, Legit.ng reported that an estimated rise in the sales of train service ticket via the automated ticketing platform is expected to hit N16 billion in the next ten years.

This was revealed by the director-general, Infrastructure Concession Regulatory Commission (ICRC), Engr Chidi Izuwa.

The ICRC boss made this disclosure at the presentation of the full business scale certificate for the concession of the e-ticketing system to Amaechi at his office in Abuja on Wednesday, September 4.

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His words: “What is interesting is that because how popular the rail service is that under the inspiration of the president, this transaction is for ten years and over those ten years, the financial model shows that NRC and the federal government will earn over N16 billion as revenue from the ticketing system.

“That will provide additional revenue for the government. So basically, we have turned a problem into an opportunity.

“This is a PPP where the private sector will invest money to develop, deploy and operate and integrated ticketing solution so Nigerians will be able to buy their own tickets the way it is done anywhere in the world."

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Source: Legit.ng

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