The Minister of Transportation , Mr . Rotimi Amaechi, on Monday stated that the Federal Government had released N72 bn as its counterpart funds for the construction of the Lagos - Ibadan standard gauge railway line .
The minister said this at the Second Presidential Business Forum , which was presided over by Vice President Yemi Osinbajo at the old Banquet Hall of the Presidential Villa , Abuja.
He said the money was released in full so that there would be no delay in the implementation of the project .
Amaechi also used the opportunity to appeal to the National Assembly to approve the $ 29 . 9 bn foreign loan request made by President Muhammadu Buhari .
He said , “ On the construction of Lagos - Ibadan railway line , the Minister of Finance has been kind enough to release the counterpart funding in full . I think in the history of Nigeria , this is the first time that we are releasing counterpart funds in full so that there will be no delay since the Chinese loan appears to have been approved .
“The only thing we need to do , I thank God there is somebody from the National Assembly here , is to plead with the National Assembly now that the funds have been approved ; then , the National Assembly should please approve the $ 29 . 9 bn loan .
“If you don ’ t encourage the National Assembly to make that approval, then , the economy won’ t be making the kind of progress we want it to make. So , for me here , I will persuade the National Assembly to kindly make that approval because it is tied to projects . ”
