The Minister of Power, Works and Housing, Mr. Babatunde Fashola, revealed that the Federal Government will need as much as N1.7 trillion to complete about 206 road projects it awarded in the past.
Speaking at the weekend in Lagos during the African Alliance’s 2016 Investor Day Dinner, the minister disclosed that the three ministries under him had only N433 billion earmarked for them in the 2016, hence the plan to phase the road projects and complete them over the next three years starting from high priority roads.
He stated that “This is the first step to sustainability. But it is not enough to budget. It is important to implement the budget and use the finances properly”
“Today, with about 206 road contracts already awarded in the past and not completed, it does not make sense to start any new roads when the amount needed to complete is about N1.7 trillion and the budget for the three ministries is N433 billion as proposed by the executive.”
He buttressed that the goal of the ministry was to finish as many already awarded roads as soon as possible. He also maintained that investors are invited to invest in new roads and alignments under the Public Private Partnerships (PPP) arrangement, saying it would enable the government finish as many roads as possible.
