Connect with us
nairametrics

Business

Lagos Rail Mass Transit: House of Assembly approves N153 billion for construction

The sum of N153 billion was approved by the Lagos State Assembly for the Lagos Rail Mass Transit.

Published

on

Lagos Rail Mass Transit, Lagos State House of Assembly

The Lagos State House of Assembly has approved the sum of N153 billion requested by Governor Babajide Sanwo-Olu to construct the Lagos Rail Mass Transit (LRMT), also known as the Red Line and the Blue Line

The information was made public by a member of the Lagos State House of Assembly, Hon. Jude Idimogu through his Facebook post, and seen by Nairametrics.

READ: CBN allows banks to pay winnings, salaries for 7 banned betting & gaming companies

Hon. Idimogu disclosed that the House unanimously approved the amount to adopt the report of the House Committee on Finance, as submitted by its Chairman, Hon Rotimi Olowo, at its plenary session on Monday, October 5, 2020.

READ: There is a sad reason people are outraged with Peace Mass Transit 

GTBank 728 x 90

“Governor Sanwo-Olu had on Monday, September 14, 2020, sought the approval of the assembly for the amount to enable the government finance the construction of the Lagos Rail Mass Transit (LRMT) from Marina to Agbado (Red Line);  from Mile 2 through Alaba, Iganmu to Marina (Blue Line),” he said.

On funding for the project, Hon. Idimogu gave an extensive breakdown by stating that; “N93 billion of the sum would be sourced through Differentiated Cash Reserve Requirement (DCRR) of 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. N60 billion would be sourced from DCRR CBN Intervention loan funds for the Blue Line.”

(READ MORE: Third Mainland Bridge closure: Lagos says alternative routes are in good shape)

GTBank 728 x 90

Lagos Rail Mass Transit is an urban rail system being developed and under construction in Lagos. The system is managed by the Lagos Metropolitan Area Transport Authority (LAMATA). The railway equipment including electric power, signaling, rolling stock, and fare collection equipment will be provided by the private sector under a Concession Contract. LAMATA is responsible for policy direction, regulation, and infrastructure for the network.

The first section of the network, Phase I of the Blue Line, was originally planned to be completed in 2011. After many delays caused by funding shortfalls, the opening date was revised to 2022 and subsequently brought forward to 2021.

1 Comment

1 Comment

  1. Folabi Awojobi

    October 6, 2020 at 3:36 pm

    This is long overdue. Fashola started it, Ambode played politics with it and missed the change to be remembered for something good in Lagos. Now Sanw-Olu has a real chance to etch his name in the history of Lagos state. I hope he doesn’t bungle this. It will definitely transform the way Lagos operates.

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Business

#EndSARS Protest: 80 BRT buses worth N3.9 billion were destroyed by hoodlums – LASG 

The Lagos State Government disclosed that the 84 BRT vehicles destroyed by the hoodlums cost a total of about N3.9 billion.

Published

on

#EndSARS Protest: 80 BRT buses worth N3.9 billion were destroyed by hoodlums - LASG 

The Lagos State Government has revealed that 27 of the burnt Bus Rapid Transit (BRT) vehicles in the Oyingbo and Ojodu Berger areas of the state cost $200,000 each, while 57 of them cost $100,000 each, all totaling about N3.9 billion.

This statement was made by the Lagos State Government on Friday, after evaluating the extent of damage made to the Bus Rapid Transit (BRT) vehicles.

READ: Arik, Dana Airlines to resume flight operations after curfew

What you should know

Few days ago, hoodlums hiding under the cover of #EndSARS protests allegedly attacked and razed the Oyingbo BRT terminal, with several buses burnt. Nairametrics reported that Primero Transport Services Ltd (PRT), the owners of BRT buses said they have lost over N100 million in 6 days due to the #EndSARS protests.

READ: Lagos Bus Service records 10 million passengers in 10 months

GTBank 728 x 90

The State’s Commissioner for Information, Mr. Gbenga Omotosho, in an exclusive interview with Punch, disclosed that:

  • 23 big BRT buses were razed down, while 57 medium-size BRT buses were affected by the violence, which brings the total of the BRT vehicles destroyed to 80. 
  • 23 of the 80 BRT buses burnt by the hoodlums were at Ojodu, while the remaining  57 were at the Oyingbo area.  
  • The big buses cost around $200,000 each, while the medium-size ones cost around $100,000 each.

READ: #EndSARS: Lagos orders investigation of Lekki Toll Plaza shooting

What they are saying 

Mr. Omotosho said, “As I speak, the Governor and some of us are going around the state from one facility to the other. We are also visiting private facilities. Some of the places were the Oregun Vehicle Inspection Service office, the BRT park at Oyingbo, and the terminus at Ojodu Berger. 

GTBank 728 x 90

“I don’t know how they planned it; the hoodlums left the old buses and went for the new ones. The new ones were worth billions of naira. 

READ: Operators of BRT suspend operations on Ikorodu-TBS route

“However, the cumulative losses incurred by the state are not ready yet. But it will be mind-boggling. It came on a scale beyond belief. We know that the police have apprehended suspects.”

What this means

The vehicles were purchased in dollars; So, the consistent decrease in the value of Naira is expected to edge the cost of these buses up, when denominated in Naira. 

The Lagos State Commissioner for Information, Mr Gbenga Omotosho explained that with the current foreign exchange rate, the 80 destroyed BRT buses are now valued at N3.929 billion.

Jaiz bank ads

Fidelity ads
Continue Reading

Business

#EndSARS protest: Pentecostal Fellowship of Nigeria sues for peace

Chairman of the Cross River State PFN has urged protesting youth to sheathe their sword and give peace a chance.

Published

on

#EndSARS protest: Pentecostal Fellowship of Nigeria sues for peace

The Pentecostal Fellowship of Nigeria (PFN) join the list of well-meaning organizations advocating for peace in this critical time, just as the body urged the protesting youth to sheathe their sword, and give peace a chance.

The appeal comes after weeks of protests that have rocked different parts of the country. Making this vital call is the Chairman of PFN, Cross River State chapter, Dr. Lawrence Ekwok, who made the appeal in a statement made available to The Vanguard.

READ: $9.6 billion judgement: UK Court grants Nigeria stay of execution, requests $200 million payment 

What they are saying

Dr. Lawrence said, “On behalf of the entire leadership and membership of the Pentecostal Fellowship of Nigeria, PFN, (the umbrella body of all Pentecostal Churches) in Cross River State, I hereby appeal to all protesting youths in Cross River state to sheath their swords.

“I wholeheartedly feel and share in their pains that may have provoked the protests, however, have made their points loud and clear; I, therefore, appeal for restraint and call for calm and a stop to further destruction of property in the state.

GTBank 728 x 90

READ: Ayade signs PPP agreement for $15m cocoa city project with Israeli company

“This is especially so as the public property belongs to the people of Cross River State and not to any individual whether in government or out of government, just as it will not be fair to destroy property belonging to private persons or concerns who are contributing to the development of Cross River State.

“I am confident that our well-meaning youth will heed this call even as I pray that the Lord God Almighty will bless them and intervene speedily and restore peace to Cross River State in Jesus name, Amen!”

GTBank 728 x 90

READ: FG asks UK court for more time to appeal $9.6 billion arbitration judgement

Why this matter

The call is a step in the right direction, as it will help to reduce tension and avert looming religious, political, and ethnic crises that are capable of destabilizing the country. Therefore, it will be remarkable for other religious bodies, ethnic, and religious leaders to rise up to the challenge of condemning the arson and looting that have pervaded the nooks and crannies of the nation.

Continue Reading

Business

BREAKING: Lagos State reviews curfew again, now from 8pm to 6am

Governor Babjide Sanwo-Olu has once again reviewed the curfew in the state to now commence between 8 pm to 6 am.

Published

on

4 key points in the new Lagos 2020 Land Use Charge, Lagos offers tech founders N250 million seed fund, cuts stringent access , Governor Sanwo-olu launches 14 ferries to tackle gridlock, says Okada ban irreversible, ride-hailing

The Lagos State Governor, Babajide Sanwo-Olu, has further reviewed the curfew earlier imposed on the state to help contain the large scale violence following the hijacked #EndSARS protests against police brutality and extra-judicial killings. The curfew now starts at 8 pm and ends at 6 am daily.

This is coming 2 days after the Governor had eased the 24-hour curfew to start from 6 pm to 8 am daily.

This disclosure was made by the Lagos State Commissioner for Information and Strategy, Gbenga Omotoso, on Sunday, October 25, 2020.

The Commissioner in his statement said, “The curfew in Lagos State has been reviewed. Restriction time is now 8 pm to 6 am. Lagosians are enjoined to plan their journey times as they go about their lawful businesses. Public schools remain shut till further notice.”

What this means

GTBank 728 x 90

This new review gives Lagosians an extra 4 hours to go about their daily activities.

What to expect

The Lagos State government will keep on reviewing and relaxing the curfew, as long as the security situation does not spike again.

GTBank 728 x 90

Details later…

Continue Reading
Advertisement
Advertisement
Advertisement
ikeja electric
Advertisement
Advertisement
Patricia
Advertisement
FCMB ads
Advertisement
IZIKJON
Advertisement
Fidelity ads
Advertisement
first bank
Advertisement
bitad
Advertisement
Stallion ads
Advertisement
financial calculator
Advertisement
deals book
Advertisement
app
Advertisement