The Minister of Transportation, Rotimi Amaechi on Sunday said the Kano-Maradi (Niger Republic) rail project will cost the Nigerian government $1.9bn.
“The project is going to cost us $1.9bn and we will source it from mostly Europe,” the Minister said on Channels Television’s Sunday Politics.
Amaechi who is a former Governor of Rivers State, noted, however, that the country has not secured the money, stressing that “we are about concluding.”
On how long it will take the country to repay the loan, the 58-year-old explained that it is not within the jurisdiction of his ministry but noted that the railway project will commence on Tuesday.
“That is the responsibility of the Ministry of Finance. When we would pay; what are the terms of agreement for the loan and all that would be the responsibility of the Ministry of Finance,” the All Progressives Congress (APC) chieftain added. “So, that question can be directed to the Minister for Finance. For us in Transportation, our job is to work with the Ministry of Finance to procure the loan and commence construction and we think we would commence construction on Tuesday.”