Lagos Assembly Approves N153bn To Construct Lagos Rail Mass Transit

The Lagos State House of Assembly has approved the sum of N153 billion sought by Governor Babajide Sanwo-Olu to construct the Lagos Rail Mass Transit( LRMT) also known as the Red Line and the Blue Line.

The House unanimously approved the amount after adopting the report of the House Committee on Finance as submitted by its Chairman, Hon Rotimi Olowo.

Governor Sanwo-Olu had on Monday, September 14, 2020, sought the approval of the assembly for the amount to enable the government finance the construction of the Lagos Rail Mass Transit (LRMT), from Marina to Agbado (Red Line) and from Mile 2 through Alaba, Iganmu to Marina (Blue Line).

While N93 billion of the sum would be sourced through Differentiated Cash Reserve Requirement (DCRR), Central Bank of Nigeria (CBN), Intervention Facility from First Bank of Nigeria (FBN), United Bank for Africa (UBA), and Zenith Bank for the Red Line the N60 billion would be sourced from DCRR CBN Intervention loan funds for the Blue Line.