The Federal Government has released N72 billion being the full counterpart funding for the construction of Lagos-Ibadan modernization railway project.

Minister of Transportation, Rotimi Amaechi, gave the indication yesterday while speaking at the second quarterly Presidential Business Forum in Abuja, presided over by acting President Yemi Osinbajo.

“I think in the history of Nigeria, this is first time that we are releasing counterpart funds in full so that there will be no delay since the Chinese loan appears to have been approved.

The railway project, which has been awarded to the China Civil Engineering Construction Corporation, is to be jointly funded by the Nigerian and Chinese governments.