…says FG’s loan request from China not harmful
The Nigerian Railway Corporation has assured Nigerians that the $1.5 billion standard-gauge railway line that is being constructed from Apapa in Lagos, to Ibadan, Oyo State, will generate more revenue for the nation and aid the diversification of the economy campaign of the Federal Government.
The Deputy Director, Public Relations, NRC, Alhaji Yakub Mahmood, told our correspondent that the project, when completed, would boost the economy and that its proceeds were expected to be invested in other sectors of the economy in need of government intervention, such as education, health and
agriculture.
He said, “It will also assist in creating jobs for the youth, which will reduce unemployment in the nation. Aside from new people that would be directly employed by the NRC, other businesses are expected to get a boost while new businesses will spring up.
“It will ease movement of people from Lagos to Ibadan and people working in Lagos can reside in Ibadan and go back home at the close of work every day. It will also make the transportation system a bit cheaper, faster and more comfortable and this will lead to reduction in road users and longevity of our roads.”
On the delay in the loan requested by the Federal Government from China to complete the $1.5bn project, Mahmood told The Point that everything was moving on fine, adding that part of the funds would soon be released to the
government.
Contrary to fears being expressed that the borrowed funds could mortgage the future of the nation, he explained that rail-line construction was capital-intensive and not a way of placing a burden on the future generations, “because it is being utilised in making infrastructure available for them in the future.”
“No matter the amount of money sourced towards the provision of transport system in the country, there is return and this project is one that will last for a very long time and will also touch the lives of Nigerians positively,” he
added.
Meanwhile, he said that more railway lines were being constructed; like the standard gauge rail-line of Itakpe-Ajaokuta-Warri, which was abandoned for over two
decades.
