The contract for the repairs of the Itapke-Ajaokuta rail link has received approval by The Federal Executive Council.
Alhaji Lai Mohammed, The Minister of Information and Culture revealed this information while briefing State House correspondents after the FEC meeting presided over by Acting President Yemi Osinbajo on Wednesday.
Lai Mohammed said the cost of the contract is $122,616,582 was inclusive of all taxes at the prevailing Central Bank of Nigeria’s exchange rate of $1 to N305.
The project which is expected to be completed with a period of 15 months, also includes the completion of 12 rail stations.
The minister also said the FEC had approved a memorandum on the revised estimate cost of construction of one 150MVA and 330nos 132KVA transformer at Birnin Kebbi, Kebbi State and the reinforcement of 330, 132KVA station in Kumbusto in Kano state for the Transmission Company Nigeria Limited.
The contract was awarded in the sum of $49,845, and N43, 651, 964.