Nigeria’s rail system suffered serious neglect to the extent of becoming comatose due mainly to lack of credible legal and policy frameworks to confront the challenges of rail transport in the 21st century. A repeal and enactment bill CAP N129 LFN 2004, 2015 (SB. 001) which tries to revitalize the sector and improve operational frameworks via removal of past impediments may likely suffer the mistakes of the past without an articulate provisions that is expected to move the sector to the next level. This paper attempts to analyze the provisions of the Bill using the SWOT analysis principle and lessons from other jurisdictions, with the quest to strengthen the Bill and layout some policy outputs. An examination of the bill shows that though the provisions are concise and coherent; a little need to be done in terms of better concessionary practices and removal of some hanging institutional and socio-political issues to address the transformation of the rail system towards better practices and sustainability for public good. Key words: Act, Bill, Nigerian Railway Corporation, Policy options.