Legislators of the Lagos State House of Assembly have approved the sum of N153 billion requested by Governor Babajide Sanwo-Olu for the completion of the Lagos Rail Mass Transit( LRMT). The sum is expected to be used for the construction and completion of the Red Line and the Blue Line respectively.
The amount was approved in a unanimous vote by the House following the adoption of the report of the House Committee on Finance submitted by its Chairman, Hon Rotimi Olowo.
Recall that on Monday, September 14, 2020, Governor Sanwo-Olu had approached the House for the approval of the amount to enable the government finance the construction of the Lagos Rail Mass Transit( LRMT), from Marina to Agbado ( Red Line) and from Mile 2 through a Alaba, Iganmu to Marina( Blue Line).
N93 billion of the sum, earmarked for the Red Line, is expected to 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 while the N60 billion for the Blue Line would be come from DCRR CBN Intervention loan funds.
