From Nkechi Onyedika, Abuja


THE Federal Government has signed a $1,487,782,196.00 Contract Agreement with Messrs CCECC Nigeria Limited for the construction of the Addendum No. 2: Lagos – Ibadan rail project.

Minister of Transport, Idris Umar who signed on behalf of the government in Abuja on Tuesday night explained that the project, like the Abuja (Idu) – Kaduna project awarded in January 2009, would be partly financed by the Chinese Government, through China EXIM Bank Concessionary loan facility.

He observed that under the arrangement, the loan to the tune of $1.0 billion would be provided by the China EXIM Bank, adding that negotiation had been concluded with the China Exim Bank for an initial $500 million during the negotiations in China which was led by the Coordinating Minister for the Economy and Minister of Finance.

According to Umar, the negotiation on the balance of $500 million would be done in due course while the Federal Government of Nigeria would pay the balance of the project fund in the sum of $530,779.101.00


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