The Federal Government, FG, has proposed to spend N6,628,234,152 on the purchase of new trains under the budgetary allocation of the Nigerian Railway Corporation in the 2024 fiscal year.
The figure which is part of FG’s executive proposal in the 2024 Appropriation Bill also earmarked over N80.714 billion for the parent Ministry of Transportation.
Of that figure, while Transport Ministry headquarters gets N48.036 billion, the Nigerian Railway Corporation gets N24.044 billion, the Nigerian Institute of Transport is to get N4.912 billion and the Federal University of Transportation, Daura, Katsina State, is to receive over N3.71 billion.
Also, on the line items under the Ministry of Transport, N40,300,556,442 was allocated for the construction of railways in the country.
Furthermore, other details of the allocation reveal that the Ministry will be spending over N63 million on meals, welfare packages, and sporting activities, among other listed items.
About, N33 billion was earmarked for railway projects on Abuja-Kaduna, completion of Lagos-Ibadan, and its associated additional works.
Others are: the rehabilitation of the Itakpe-Ajaokuta rail line and construction of 12 NOS Station Building and track laying works at railway ancillary facilities area Agbor, among others, were listed.
While N1.5 billion was also earmarked for railway modernization, N18 million was budgeted for identification and installation of 30 KM speed reduction and road signage in high-risk areas (quarterly).
Another N10 million will be channeled into ongoing education and construction of speed reduction signage using the International Road Assessment Programme (IRAP with Federal Capital Territory) (Quarterly).
A breakdown of the Ministry’s budget shows that of the total of N80,714,016,196 billion allocated to it, capital projects would gulp N46.303 billion; overhead costs received a proposal of N286.63 million, while over 1 billion was earmarked for personnel costs.
To review the 25-year railway strategic plan on railway infrastructure, design, construction, and operation, the Ministry will spend N45 million.