The Federal Government would require 166 billion dollars in the next five years to meet the country’s energy and transport infrastructure needs, the Minister of Transportation, Mr Rotimi Amaechi, said.
The minister made the disclosure at a public hearing in the House of Representatives on a Bill for an Act to Repeal the Nigerian Railway Corporation Act on Monday in Abuja.
The hearing also focused on a bill for an Act to provide for the establishment of three national transport commission.
Amaechi revealed that the Federal Government and General Electric had concluded arrangements for the commercialisation of the Lagos-Kano railway project.
He explained that the measure was intended to guarantee efficiency, competitiveness and profitability in the sector.
While declaring the public hearing open, Yakubu Dogara, the Speaker, House of Representatives, expressed optimism that if the obsolete Act of the Nigeria Railway Corporation was repealed, Nigerians would enjoy cheaper means of transporting their goods.
He said Nigerians would also enjoy quality services and the incessant damage to roads by heavy duty trucks would be reduced.