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CBN Donates N45bn To Lagos

The Central Bank of Nigeria (CBN) says it has disbursed N45 billion to Lagos State. Jamb Result

According to BUSINESS HALLMARK, the CBN has donated this amount for Lagos State’s Blue Line rail project a 27-kilometre stretch from Okokomaiko to Marina.

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The Central Bank of Nigeria (CBN) has assured the Lagos State Government that it would continue to fund railway development in the state. Information Guide Nigeria

This was disclosed by the Director of Development Finance, Central Bank of Nigeria (CBN), Yusuf Philip Yila, during an inspection of the Blue Line project operated by the Lagos Metropolitan Area Transport Authority (LAMATA).

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Yusuf Philip Yila said, “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. So, we see that the progress of the job matches the funding so far. This is just one of the projects under the DCRR intervention. As part of our response to COVID-19, we released N1 trillion,” Yila said.

“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 ground and the quality of work is quite impressive.

According to BUSINESS HALLMARK, Yila added that the project will provide over 500 jobs as young Nigerians will be employed in the cause of construction.