The Federal Executive Council, (FEC) in Nigeria has approved US $6.7bn for the construction of Ibadan-Kaduna rail project. The Minister of Transportation, Rotimi Amaechi, presented the project memo to FEC for approval.
While addressing State House correspondents after a meeting held inside the council chamber of the presidential villa, the Minister said that the rail project will cost US $6.7bn, with a completion period of three years.
China EXIM bank had also agreed to finance the Ibadan –Kano railway project.
Other projects approvals
”The Council approved the award of a new contract from Ibadan to Kaduna. Earlier, the council had awarded from Kaduna to Kano; now the entire Ibadan to Kano as a stretch has been awarded. What was awarded today was Ibadan to Kaduna at the cost of US $6.7bn. This is an old contract that was awarded in 2006,” said Minister Amaechi
“The only difference now is that we had to award the spur that is going to Ado-Ekiti. There is a new contract from Oshogbo to Ado-Ekiti that has brought the entire contract to US $6.7bn from Ibadan to Kaduna and it was awarded to a Chinese company,’’ he added.