THE Nigerian government announced on Thursday that it had secured 500 million dollars (about N80.64 billion)
in loan from China EXIM Bank for the execution of the Abuja-Kaduna fast train project.
This revelation was made by the President Jonathan’s deputy, Vice-President Namadi Sambo, in Abuja as he laid the track for the rail project in Idu area of the Federal Capital Territory. Sambo made this known on Thursday when he laid the track of the project at the Idu area of Abuja, signifying the official commencement of the Abuja-Kaduna railway modernization project.
“As you are fully aware, this administration accords top priority to the development of infrastructure as a component of the Transformation Agenda as well as the Vision 20:2020,” the Vice-President said.
“In that regard, several projects covering critical sectors in transportation like roads, waterways, aviation, and power supply, housing and the development of critical projects and program are being undertaken by this administration and are at various stages of completion,” he added, saying that his administration is one that “keeps its promises.”
According to him, the funding of the project is being complemented through proceeds from the Subsidy Reinvestment Empowerment-Program (SURE-P). The Vice President expressed regret over the neglect of the rail sector, and said that with the articulation of the 25 years Strategic Rail Vision, the railways would return to its glorious days. He said government was determined to concession the railway facilities upon completion, adding “opportunities abound for Foreign Direct Investments in this important sector.”
Sambo commended the China Civil Engineering & Construction Company (CCECC) Nigeria Limited, the project handlers, on its efforts at ensuring timely completion of the project. In his remarks, the Minister of Transport, Sen. Idris Umar, said the project was part of the Strategic plan “to rejuvenate, modernize and revitalize the comatose rail transport system.”
He said the Kaduna-Abuja Rail project, which has reached 68 per cent completion, was the first segment of the Lagos-Kano Standard Gauge Rail line. The event was witnessed by public and private sector functionaries.