The Lagos House of Assembly has approved the N153bn for the construction of the Lagos Rail Mass Transit 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, Rotimi Olowo.
Governor Babajide Sanwo-Olu had on September 14, 2020, sought the approval of the House for the amount to enable the state government to finance the construction of the red line from Marina to Agbado and from Mile 2 through Alaba, Iganmu to Marina (blue line).
While N93bn of the funds 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 N60bn would be sourced from DCRR the CBN Intervention loan funds for the blue line.
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