• Sunday, May 26, 2024
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FG needs N921.4bn for 195 road projects


 The Federal Government yesterday said N921.4 billion is needed to complete195 ongoing road projects across the country, said Minister of Works, Mike Onolememen.

The minister disclosed this after the weekly Federal Executive Council (FEC) meeting on Wednesday but noted that the total portfolio size of all ongoing road projects stand at about N1.39 trillion.

Onolememen stated that government was working on a Public Private partnership, PPP arrangement that will add about 6000 Kilometres to federal roads, and said the move would ensure timely completion of all projects in the country.

“it will take another eight years before the projects could be completed if government will depend solely on annual budget”

He disclosed that the ministry received a total capital budgetary provision of about N143,592,745,847 for the ministry’s capital projects. Out of which only N101 billion was released and cash backed, adding that all the funds were expended on capital projects».

As at the turn of the century that is 2001, the federal ministry of works has grossed up a project portfolio in the six geo-political zones of the country to the tune of about N1.397 trillion. And the breakdown of that portfolio shows that 31 ongoing projects by the federal ministry works are in the north central zones, covering a total length of 1,054 kilometers at the total sum of N262.3 billion.

The North East has a total of 30 ongoing projects covering a total of about 1,461 kilometer at the contract sum of N332.9 billion. The North West has a total of 23 ongoing projects covering a total of about 1,028 Kilometres at the contract sum of N255.5 billion.