HE Federal Government plans to spend $6.1 billion on the construction of Ibadan-Ilorin-Minna-Kano standard gauge lines of the Nigerian Railway Corporation. The Lagos-Ibadan line which will cost $1.5 billion, will be funded with a Chinese loan. Transportation Minister Chuibuke Amaechi said this in Ilorin at a town hall meeting for Northcentral

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The Federal Executive Council (FEC) yesterday set up a committee, which will suggest ways of reducing food prices. The committee is expected to submit a report to the Council next Wednesday. Minister of Information Lai Mohammed broke the news to State House correspondents at the end of the FEC meeting chaired by Acting President Yemi

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The Federal Government yesterday said it had secured $1.5 billion from the China Exim Bank to begin work on the Lagos-Ibadan rail line project. Minister of Transport Rotimi Amaechi said this when he appeared before the Senate Committee on Land Transport, chaired by Gbenga Ashafa, to give a status report of the 2016 budget and also present

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Five commercial banks have been queried for manipulating foreign exchange (forex) transaction rates, The Nation learnt at the weekend. The Central Bank of Nigeria (CBN) detected the rate manipulations following the mandatory rendition of forex returns and compliance with anti-money laundering regulations. The identities of the banks were

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The House of Representatives will ensure that oil bloc licences issued without due process are revoked, it emerged yesterday. This is in addition to the forfeiture of oil and gas licences by companies that have variously defaulted in the payment of requisite fees to the government. This followed the discovery of some oil and gas companies operating in

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Eko Electricity Distribution Company Plc (EKEDC) has lost over N1billion to various forms of energy theft, including meter bye-pass by customers and equipment vandalism in the past three years, its Chief Operating Officer (COO), Mr. Sam Nwaire has said. Nwaire, who represented the Chief Executive Officer, Dr Oladele Amoda spoke on the prevailing

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