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CBN intervention funds: Lagos state borrowed N196 billion for rail projects



sanwoolu lagos blue line

The Lagos state government borrowed around N196 billion via the Central Bank of Nigeria (CBN) intervention funds for the Redline and Blueline rail projects across the state.

This is contained in the CBN development finance report detailing the intervention disbursement by the apex bank in the last four years.

According to the report, Lagos state received N196 billion in three tranches of N93 billion, N60 billion and N43 billion.

While the N93 billion and N43 billion were for the Redline rail project, the N60 billion served as part finance obligation from the Lagos state government to CCECC for the construction of the Blue Line rail project.

The funds were disbursed to the Lagos state government under the Differentiated Cash Reserve Requirement (DCRR) scheme established in 2018.

The Lagos Blue and Red Line Rail project is a multimodal transportation system to move commuters across different locations within the state as fast as possible thereby reducing commuting time significantly.