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FG TO RAISE $2BN FROM CONCESSION OF EXISTING LAGOS-KANO/PORT HARCOURT- MAIDUGURI RAIL TO GENERAL ELECTRIC (GE)" ~ SENATOR UDOMA UDO UDOMA

FG TO RAISE $2BN FROM CONCESSION OF EXISTING LAGOS-KANO/PORT HARCOURT- MAIDUGURI RAIL TO GENERAL ELECTRIC (GE)" ~  SENATOR UDOMA UDO UDOMA



The federal government plans to raise $2 billion through the concession of the existing Lagos-Kano/Port-Harcourt-Maiduguri rail line, the Minister of Budget and National Planning, Senator Udoma Udo Udoma, has said.


He spoke on ChannelsTV Sunrise Daily Programme in Abuja just on Friday.

Udoma, who also explained that the federal government had released N400 billion out of the budgeted N1.8 trillion capital projects vote for the year, said discussions were on with General Electric (GE) to take over the rail line as part of the efforts to multiply revenue sources to fund the budget.

“We are working on all fronts at the same time.

One is to get oil production back – it is very important.

Two, is the asset sales, concession and all that. We are discussing with General Electric, and I will give that as a practical example,”

 Udoma said in a document released to THISDAY monday, adding that the GE firm had already committed to bring in $2 billion into the concession arrangement.

He said that the concessionaire would take over the existing old rail lines, revamp them and build coaches in the country, explaining that the process of getting the thing through would however take some time.

“We have to wait for the various government agencies because there are certain procedures we have to go through. This is why we met and said, is there a way we can fast track some of these things? Because we need the money today, not in three or four months’ time,’’ Udoma explained