The Central Bank of Nigeria (CBN) on Thursday said N60 billion from its intervention fund is being used to finance the Lagos Blue Rail Line project.
The Director, Development Finance, CBN, Yusuf Philip, while speaking in Lagos during an inspection of the project, said N45 billion had already been disbursed.
According to him, the remaining N45 billion tranche is due for disbursement.
Philip added that the CBN provided the funds through some banks under the N1.3 trillion COVID-19 intervention funds.
He said, “The progress I see matches the disbursement so far, and this is just one of our many projects this year.”
Philip said, “We have been round and seen the solid structure on ground. Progress has been made. Disbursement of these funds is in tranches. Another tranche is due and as the central bank, we have to come and see the work on ground and the quality is quite impressive.
“People have accessed interventions and we visit to ensure that people are using the interventions for the right purpose.”
