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FEC approves $2.8bn for railway equipment
The federal executive council (FEC) has approved $2.81 billion for the procurement of rolling stocks and maintenance equipment for rail lines.
The equipment is for the Ibadan to Kano and Port Harcourt to Maiduguri rail lines.
Rolling stock is a generic term used to denote anything on rail wheels.
Rotimi Amaechi, the minister of transportation, announced this to state house correspondents at the end of the FEC meeting presided over by Vice-President Yemi Osinbajo yesterday.
He said the rolling stock would ensure that the trains, coaches and locomotives are adequately maintained.
“I have an approval of the cabinet to procure rolling stocks, operational and maintenance equipment for the new railway projects corridors in Ibadan to Kano standard gauge and Port Harcourt to Maiduguri narrow gauge rail lines to the tune of $2,810,574,064.92, including 7.5 per cent tax,” he said.
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