Mr. Rotimi Amaechi, Minister of Transportation has disclosed that the Federal Government would need no fewer than $166 billion in the next five years to stabilize the energy and transport infrastructure sectors.
The Minister of Transportation made the disclosure at a public hearing in the House of Representatives on a Bill for an Act to Repeal the Nigerian Railway Corporation Act today in Abuja.
Amaechi explained that the measure was intended to guarantee efficiency, competitiveness and profitability in the sector.
Declaring the public hearing open earlier, Yakubu Dogara, the Speaker, House of Representatives, said he was hopeful that if the obsolete Act of the Nigeria Railway Corporation was repealed, Nigerians would enjoy cheaper means of transporting their goods.
He said Nigerians would also enjoy quality services and the incessant damage to roads by heavy duty trucks would be reduced.
The sponsor of the National Transport Commission Bill, Rep. Nicholas Ossai (Delta-PDP), said that the bill would curb revenue loss of about 30 per cent. The loss was due to non-integration in the transport sector.