CBN Backs Lagos Rail Project With N60bn Fund

The Central Bank of Nigeria has said it is supporting the Blue Rail Line project in Lagos with N60bn intervention fund.

The Director, Development Finance, CBN, Yusuf Philip, disclosed this in Lagos on Thursday, during an inspection of the project embarked upon by Lagos State Government.

He said, “The total amount we have made available for this line is N60bn. We have disbursed N45bn; there is another tranche of N15bn due.

“Progress I see matches the disbursement so far, and this is just one of our many projects this year.”

He said the CBN provided the funds through some banks under the N1.3tn intervention funds introduced as part of COVID-19 support.

Philip said, “We have been round and seen the solid structure on ground. Progress has been made. Disbursement of these funds is in tranches. Another tranche is due and as the central bank, we have to come and see the work on ground and the quality is quite impressive.

“They have shown us when they expect it to be completed. For me, most importantly, I see Nigerians working here; there are over 500 on site here.”

He said as part of the bank’s COVID-19 intervention funds, it had released some funds, which had been accessed by many.

“People have accessed interventions and we visit to ensure that people are using the interventions for the right purpose,” he added.