CBN Fund Lagos Blue Line Rail Project With N110bn

CBN Fund Lagos Blue Line Rail Project With N110bn

The Central Bank of Nigeria (CBN) said it is financing the Lagos State blue line rail project with a total of N110 billion under its Real Sector Support Facility (RSSF) Differentiated Cash Reserve Requirement (DCRR) intervention fund.

Already, the CBN has provided N60 billion out of which N45 billion has been disbursed and N50 billion will be made available in the second tranche.

The Director, development finance department of the CBN, Yusuf Philip Yila, made this known during a tour of the blue line rail project in Marina Lagos.

The blue line rail project, which is currently under construction by the Lagos State Government, through the Lagos Metropolitan Area Transport Authority (LAMATA) is expected to be completed in the last quarter of 2022.

Yila, who came in company with the LAMATA team, said the CBN was at Marina to monitor and evaluate progress on the blue line project embarked by Lagos State Government. He said the CBN through some banks have provided funding under its DCRR intervention to ensure that Lagos State has the right funding for the project.

“I am quite impressed with what I see on the ground, LAMATA has taken us round and I can see the solid structure being put in place in Marina. We are confident based on what we have seen, the progress that has been made,” Yila said.

“The total amount we have made available for this project is N60 billion and we have disbursed N45 billion. There is another tranche of N50 billion too. The progress I have seen matches the disbursement that has been made so far. This is just one of the many projects under the DCRR.”

He explained that the disbursement of the fund was being made in tranches, and that another tranche was due. However, he said the quality of work was quite impressive.

Yila noted that as part of its response to Covid-19 pandemic the CBN released the N1 trillion under the DCRR. “So quite a lot, not only infrastructure, but you see mostly in agriculture and mining, a couple of cement factories, all accessed the interventions. So we do visit, we do monitoring and evaluation to ensure the funds were used for the purposes they are meant and to contribute to make our economy grow.”

“We are funding not only the blue line but also providing some funding for the red line and five other lines that they plan to embark on. This will significantly contribute to ease of business, ease of moving people around and more confidence in the economy,” he said.

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