Buhari approves talks on $15bn loan for PH-Maiduguri rail

President Muhammadu Buhari has approved that negotiation should be carried out for a $15 billion loan for the Port Harcourt-Maiduguri rail project.

Rotimi Ameachi, minister of transportation, said the president has also given approval for negotiations of funds for the execution of Lagos-Calabar rail project to ensure its speedy completion.

“Don’t forget that the Lagos-Calabar project is yet to start because of funds; the Port Harcourt – Maiduguri is yet to start because of funds, but the president has approved that we negotiate for funds,” he told reporters on Tuesday.

“We are almost concluding negotiations for the Port Harcourt-Maiduguri. We are looking at the cost – is in the neighbourhood of between $14billion and $15billion.’’

He disclosed that laying of tracks on the Lagos-Ibadan route would commence next month, and expressed the hope that the project would provide a lot of job opportunities to Nigerians.

“If the rain doesn’t start early, we will start laying tracks on the Lagos-Ibadan route in April and hopefully we believe we can complete it in December or January and open it up for passengers and business and we expect about 6, 000,000 tons of cargo out of the 30,000,000 tons of cargo that we have between Lagos and Kano.

“In terms of job creation, you can be rest assured that it will be in thousands,” he said.