- $11.17bn For Coastal Rail Projects
The Federal Executive Council (FEC), on Wednesday has approved the sum of $1.4 billion for the rehabilitation of Warri and Kaduna refineries.
The FEC also approved the sum of $11.17bn for rail projects that will link the coastal cities across the country by rail.
These projects were approved during the FEC meeting which was chaired by Vice President Yemi Osinbajo on Wednesday.
Addressing a press conference at the end of the meeting, Minister of State for Petroleum Resources, Chief Timipre Sylva disclosed that FEC earmarked $897 million of the total $1.4billion for the rehabilitation of Warri refinery while the Kaduna refinery will gulp the remaining $586 million.
Sylva also disclosed that the rehabilitation of the refineries will be carried out in three phases.
The FEC also approved $2.76 billion for the acquisition of 20 per cent minority stake by the NNPC in Dangote Petroleum and Petrochemical Refinery.
Similarly, Minister of Information and Culture, Lai Mohammed, during a press briefing at the State House disclosed that FEC also approved $11.17bn for the linkage of all coastal cities across the country by rail.
Mohammed disclosed that the Minister of Transportation, Rotimi Amaechi, presented two memos during the meeting, seeking the approval of the FEC to expand and consolidate on the rail project.
According to him, the project will take a time span of six years, starting with the Kano-Jibia rail and Port Harcourt-Maiduguri rail.
In his words, “The first one has to do with the Kano-Jibia rail and the other one has to do with the Port Harcourt-Maidugiri rail.
“Actually, what was approved today was funding to ensure that work starts immediately on those two rails.
“And then, also another memo that was approved today was the ratification of the president’s approval for the award of contract for the Lagos-Calabar Coastal Standard Gauge.
“Today, the council has given approval to commence the Lagos-Calabar Coastal rail.
“This particular route is very important because after the Lagos-Kano route, this Lagos-Calabar Coastal route actually will link all the coastal cities in the country.
“Actually, the proposed route alignment is as follows; it will go from Lagos to Sagamu, Sagamu to Ijebu-Ode, Ijebu-Ode to Ore, Ore to Benin City, Benin-City to Sapele, Sapele to Warri, Warri to Yenogoa, Yenegoa to Port Harcourt, Port Harcourt to Aba, Aba to Uyo, Uyo to Calabar, Calabar to Akamkpa to Ikom, Obudu Ranch with branch lines from Benin-City to Agbo, Ogwashi-ukwu, Asaba, Onitsha and Onitsha Bridge and then Port Harcourt to Onne Deep Sea Port.
“This particular route is very important especially for our coastal economy; the cost of the project is 11. 17 billion dollars,’’ he said.