FG Needs ₦16 Trillion To Complete Road Projects

FG Needs ₦16 Trillion To Complete Road Projects – Umahi

The Minister of Works, Mr David Umahi, has said the federal government needs ₦16 trillion to cover the financial gap for road projects across the country.

David Umahi said President Bola Tinubu’s administration inherited a total of 18,932.50 kilometers of ongoing road and a total of 2,064 contracts.

Umahi stated this on Thursday while addressing newsmen. He explained that the removal of fuel subsidy and floating naira were responsible for the ₦16 trillion needed to conclude the government’s road project.

According to him, the inherited projects are worth about “₦13 trillion as of May 2023; that will be more than ₦16 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.

In a breakdown, the former governor of Ebonyi State added that the projects include ₦100 billion in 2018, ₦162.55 billion in 2020, and ₦210.56 billion in 2021. For 2,812 km of road, ₦110 billion was approved in 2022, and the approved 2023 SUKUK provision stood at ₦250 billion.

“The projects are spread across the six geopolitical zones of the country,” he added.

Umahi said the federal government may not embark on new road projects in 2025. He noted that the government would source funds to complete all ongoing and inherited projects.

Comments

Steer Clear from Tompolo's Pipeline Surveillance Job, Face Your Olu's Contract... Activist Warn Itsekiri Leaders

Steer Clear from Tompolo's Pipeline Surveillance Job, Face Your Olu's Contract... Activist Warn Itsekiri Leaders Niger Delta Human Rights Activist, comrade Daniel Ezekiel has berated ltsekiri leaders for calling on the Federal Government to decentralize the pipeline security contract awarded to the Niger Delta living legend, High Chief Government Ekpemukpolo alias Tompolo. The activist in a statement to FocalPoint Reports, on Thursday, reacted with displeasure and strongly condemned Itsekiri leaders Who were led by Hon. Michael Diden to call for the decentralization of Tompolo's Surveillance contract, during a visit to High Chief Bibopere Ajube (Shoot-at-sight) at his Agadagba-Obon, residence in Ese-Odo Local Government Area of Ondo State, Ezekiel Daniel described those who visited Bibopere Ajube as self-proclaimed Itsekiri leaders and their voices are nothing good but mere distractions and should not be taken seriously. He added that the statements made by

NMU Governing Council chairman seeks solutions to challenges facing varsity

NMU Governing Council chairman seeks solutions to challenges facing varsity The Acting Chairman of the Governing Council of the Nigerian Maritime University, Okerenkoko, Delta State, Adewale Adeogun, has appealed for immediate action to address the pressing challenges facing the institution. Adeogun, who spoke during the council meeting in Warri, expressed deep concern over the university’s underdevelopment despite its six-year existence. Highlighting the urgent need for government intervention, Adeogun emphasised the importance of establishing a permanent campus and ensuring adequate funding. He pointed out that the university’s progress has been hindered by the suspension of projects initiated by the Nigerian Maritime Administration and Safety Agency (NIMASA). “It is disheartening to see that despite being a specialised university, Nigerian Maritime University is still struggling to find its footing,” Adeogun stated. “We must work tirelessly to secure government support, philant

Retired police officers protest over unpaid pensions

Some retired police officers under the contributory pension scheme on Tuesday, May 21, protested at the National Assembly over alleged several months of unpaid pensions with a call on President Bola Tinubu to remove them from the scheme. The protesters decried the extreme challenges they endure, saying that the National Pension Commission (PENCOM) has failed to pay their entitlements for several months causing them and their families untold hardship. The aggrieved retired police officers also wrote a Save Our Soul (SOS) letter to the President of the Senate, Godswill Akpabio, calling for an urgent intervention. Speaking on behalf of the protesters, Chairman of the retirees, Christopher Effiong said many of their members have developed terminal illnesses and heart attacks as a result of the frustration associated with the scheme. In a letter dated May 21 and addressed to Senate President Godswill Akpabio, the retirees said many of their colleagues have lost their lives due to the prevai

FocalPoint Reports

Search This Blog