LASG Inspects Blue Rail Line Project

• Lagos DMO supervises blue rail line project

• …Mrs. Sanusi also expressed satisfaction with the progress of work done so far on the project, maintaining that the project will be delivered on schedule.

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EKO HOT BLOG reports that Mrs. Rukayat Alake Sanusi, the Permanent Secretary of the Debt Management Office, has reviewed the development of the Blue Rail Line project in preparation for a visit by members of the Securities and Exchange Commission (SEC) and the Trustees.

Mrs. Sanusi said during the inspection tour that the project was initially funded with bonds, but that the Blue and Red Line Rail Projects were later funded with the Central Bank of Nigeria’s (CBN) Intervention Programme and Real Sector Support Facility Differentiated Cash Reserve Requirement (RSSF-DCRR).

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Her words: “Although the project was at inception funded with Bonds issued by Lagos State. The innovative financing option was used by Lagos State to kickstart the Lagos Rail Mass Transit, a major component of the Lagos State Strategic Master Plan (STMP). The facility was obtained at a single-digit concessionary loan for a 10-Year tenor. Lagos State was the first Sub-National to access this lending window”, the Permanent Secretary stated.

Mrs. Sanusi also expressed satisfaction with the progress of work done so far on the project, maintaining that the project will be delivered on schedule.

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