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Lagos Assembly okays N153bn for rail project

By News Desk

Lawmakers at Lagos State House of Assembly have approved N153 billion for construction of Lagos Rail Mass Transit (LRMT) also known as Red Line and the Blue Line aimed at easing traffic gridlock across the state.

They explained that the approval become imperative following Governor Babajide Sanwo-Olu’s request in line with the mega-city plan and that the project would also serve as viable alternative means of transportation necessitated the decision.

The lawmakers unanimously approved the amount after adopting the report of the House Committee on Finance as submitted by its Chairman, Rotimi Olowo, during plenary on Monday.

It would be recalled that Sanwo-Olu had on September 14, 2020, sought approval of the assembly for the amount to enable the government finance the construction of the Lagos Rail Mass Transit( LRMT), from Marina to Agbado (Red Line) and from Mile 2 through Alaba, Iganmu to Marina (Blue Line).

While N93 billion of the sum would be sourced through Differentiated Cash Reserve Requirement (DCRR) Central Bank of Nigeria( CBN) Intervention Facility from First Bank of Nigeria(FBN), United Bank for Africa( UBA), and Zenith Bank for the Red Line the N60 billion would be sourced from DCRR CBN Intervention loan funds for the Blue Line.

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