The Federal Government has stated that N7.43 Trillion is required to finish 854 roadway and bridge projects across the country’s six geopolitical zones.
Babatunde Fashola, Minister of Works and Housing, revealed this yesterday when he appeared before the House of Representatives Committee on Works to defend the ministry’s 2022 budget estimates. He also stated that as of October 20, 2021, the government owed contractors N420 Billion for “duly certified and approved works.”
As a result, he recommended against starting new road projects at this time, preferring to focus on completing ongoing road projects around the country.
He stated that “we appropriate for a very token amount for a project of certain quantum, now once the award is done, the question of financing becomes a challenge. With the inflation and everything, there must come a time and I think that time is now; Mr Chairman and honourable members, enough of new roads and new projects.
“Let us concentrate our limited resources to complete or progress some of what we have started. In finding the solution, I will be happy; there are a couple of roads in Osun State and we cannot finish all of them in one budget circle.”
Fashola stated that the ministry’s priority for the fiscal year 2022 will be the completion of ongoing road projects, particularly those leasing to ports and important agricultural hubs.
The minister explained that the government expects to fund the ongoing projects through the Presidential Infrastructure Fund, the Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme, the Sovereign Sukuk Fund, and Multilateral Loans, among other avenues.
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