The Federal Government spent $62.66m to service railway-related debts in the first quarter of 2023, according to Nigeria’s external debt service payments report by the Debt Management Office. Between January and March 2023, The Nigeria Railway Modernisation Project (Idu-Kaduna Section) took $23.1mThe Nigeria Railway Modernisation Project (Lagos-Ibadan Section) gulped $15.49m. The PUNCH also learnt that the Nigeria Abuja Light Rail Project gulping $24.07m. The total amount spent in Q1 2023 is a slight increase from the $61.73m spent in Q1 2022. The rising railway debt servicing costs occurred as the government struggled to generate revenue from the railway sector.

Source: Punch July 01, 2023 11:38 UTC