The Minister of Transportation, Rt. Hon. Chibuike Rotimi Amaechi has revealed how President Muhammadu Buhari's administration saved a whopping $800m on the construction of the Lagos-Calabar Coastal Railway Project.
Amaechi made the revelation after signing a contract agreement with the China Civil Engineering Construction Corporation (CCECC) on the project.
According to the Aso Villa Newsletter, Amaechi, who signed on behalf of the Federal Government of Nigeria, said the Federal Government renegotiated the contract with the Management of CCECC and agreed at a contract sum of $11.117 billion as against $11.917 billion, which it was initially awarded by the ex-President Goodluck Jonathan’s Administration.
“What we have done today is signing same contract but different contract sum to make it legal”, he said.
On how the project will be funded within the period of two years, which it is expected to be completed, Amaechi said, "President Muhammadu Buhari has assured me that he is committed to the development of the Railway Sector in Nigeria and would not leave any ‘stone unturned’ to achieving that dream.”
Amaechi reiterated that part of the contract agreement is to expedite action and conclude arrangement with the China-Exim Bank to facilitate the commencement of work on the Railway project noting that his desire and expectation is the completion of the project in two years.
Also present at the signing were the President China Civil Engineering Construction Corporation, (CCECC) Cao Baogangand Managing Director China Civil Engineering Construction Corporation, (CCECC) Jack Lii.
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