Governor, Babajide Sanwo-Olu, has disclosed that the rail line projects being constructed by the Lagos state government will cost over N100 billion.
Sanwo-Olu also disclosed that his predecessor, Akinwunmi Ambode, did not fund the project during the last administration.
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On the question about the cost of the rail projects being constructed by the state government, the governor said, “It’s a lot of money. It is well over N100 billion to be honest with you. It is largely government funding but you know we have to use what is called creative financing.’’
The disclosure by Sanwo-Olu is coming 3 days after he flagged off the ‘red line’ rail project which, when completed, has the capacity to commute at least one million persons daily.
During the ground-breaking ceremony for the construction, the governor explained that the 37-km Rail Mass Transit will traverse from Agbado to Marina, noting that it would become operational by the last quarter of 2022.
“Since efficient transportation is the backbone of any economy, we are happy to be committing this investment in our transport infrastructure, so that our people can meet their daily targets and aspirations.
“This all-important transport project we are all gathered to witness today represents a major step in this direction,” the governor said during the event held at the proposed site of the Ikeja Train Station.