CBN to Inject Fresh N15bn into Lagos Blue Line Railway Project

By Ashemiriogwa Emmanuel

The Central Bank of Nigeria (CBN) has said that another tranche of N15 billion is due for disbursement to Lagos State for the completion of the ongoing Blue Line Railway project.

This is part of the N60 billion the apex bank has earmarked for the project of which the sum of N45 billion has been disbursed to the state already.

The provision of the funding by the central bank, through select banks, is under the Differentiated Cash Reserves Requirement (DCRR) intervention to ensure Lagos State had the financial capacity for the project.

Speaking after a tour at the Marina site on Thursday, October 14, to monitor the progress of the infrastructure operated by the Lagos Metropolitan Area Transport Authority (LAMATA), the Director of CBN Development Finance, Mr Yusuf Philip Yila, remarked that the “progress of the job matches the funding so far.”

“The total amount we have made available for this line is N60 billion. We have disbursed N45 billion. There’s another tranche of N15 billion.

“We are confident, based on what has been shown, that progress has been made. Disbursement of the funding is being done in tranches. So, another tranche is due.

“As the central bank, we felt it is important to come and see what is on the ground and the quality of work is quite impressive,” Mr Yila disclosed.

Evaluating the work done on the site so far, he noted the job opportunities that have been opened to young Nigerians in the state through the avenue which includes welding, fabricating and others.

He said, “There are over 500 jobs on-site here, which is a good takeaway. I am happy, having met some of the people on-site and across other stations.”