FG Approves $2.99bn for Lagos, Kano, Kaduna Rail Projects

On Thursday, the Federal Executive Council approved a contract worth $2.99 billion for three rail projects across Lagos, Kano, and Kaduna states. The announcement was made by Taiwo Oyedele, the Minister of Finance, during a post-council meeting at the State House in Abuja.

The projects include the Lagos Green Line, the second phase of the Kano State Metro, and the Kaduna State Light Rail. Oyedele explained that these projects are crucial for economic development and infrastructure improvement, which are essential for enhancing the quality of life.

The funding will be sourced through the Ministry of Finance on behalf of the federal government, with a counterpart fund arrangement. The Lagos Green Line is designed to serve the densely populated Lekki corridor, while the Kano Metro and Kaduna Light Rail are significant for their respective economic regions.

Additionally, the council discussed the establishment of a Power Sector Reform Taskforce, chaired by President Bola Tinubu, to address challenges in the power sector.