We need over N16trn to complete inherited road projects – Umahi

We need over N16trn to complete inherited road projects – Umahi

Minister of Works, David Umahi, has claimed that the Federal
Government needs over N16 trillion to enable the ministry complete inherited
road projects across the country.

 

The former governor of Ebonyi State made the disclosure on
Thursday when he briefed newsmen on the achievements of the ministry under the
Renewed Hope Agenda of President Bola Tinubu.

 

According to him, the present administration inherited a
total of 18,932.50 kilometres of ongoing road projects, with a total of 2,064
contracts.

 

The minister said that the total value of all the ongoing
projects as at May 2023 was N14.42 trillion.

 

He said that the amount certified was N4.73 trillion;
however, N3.12 trillion was paid, and the amount owed contractors for certified
works was N1.61 trillion.

 

“The funding gap to complete all the inherited projects is
about N13 trillion as at May 2023 and will be more than N16 trillion when all
projects are reviewed, in line with current market realities.

 

“This is due to the removal of fuel subsidies and the
floating of the naira.

 

“It is a very sound economic decision by this
administration, considering the fact that some of the projects have lingered
for between five and eight years.

 

“Consequently, the projects are being reviewed to match
current market realities; this position excludes all the new projects under the
Renewed Hope Agenda and the four legacy projects,’’ Umahi said.

 

According to him, the old traditional method of funding
highway projects was through the annual budgetary provision.

 

He said, however, that over the years, budget provisions
have seemed inadequate to address the challenges of highway development.

Source: We need over N16trn to complete inherited road projects – Umahi

 - NigerianEye
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