Thursday, August 18

FG needs N6.26 trillion to fix 711 roads in 2021 ― Fashola

The Minister of Works, Babatunde Fashola has undermined the allocated funds to complete 711 highway projects in 2021, in which his ministry will require over N6.26 trillion instead of the less than three billion that was included for such in the 2021 budget.
He revealed that, out of the total sum of N227.964 billion capital allocation appropriated in the 2020 Appropriation Act, the sum of N152.150 billion has so far been released to the Works and Housing sector (representing 66.74%), leaving a balance of N75.814; adding that the sum of N162.559 projects were financed through Sukuk Bond.

“The sum of N77.955 billion was released to the highway (Works sector) from the budget aside the sum of N162.559 billion for the Sukuk issuance. The Sukuk is to be drawn down for works certified only in respect of 44 roads and bridges and the Ministry is still awaiting the payment of the first tranche of N54.8 billion is for work done as at 16/10/2020.

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“The ministry is currently administering 711 number of contracts nationwide and as of 1st October, 2020the ministry has cumulative unpaid certificates in the sum of N392.020 on ongoing highway construction projects,” he noted.

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