Nigeria’s minister of finance, budget and national planning, Zainab Ahmed says the Federal Government is awaiting consensus for it to sign a $3.3 billion loan agreement to execute 10 projects across the country.
The minister said this on Monday in Abuja during a town hall meeting on the achievements of the government in infrastructure development, organised by the federal ministry of information and culture.
The projects awaiting consensus according to Ahmed include Kano Urban Light Rail Project- (Phase I): $673.2 million, Construction Of Lafia By-Pass Road And The Dualization Of 9th Mile (Enugu)-Otukpo-Makurdi Road Project: $845.75 million, E-Border Solution: $175.5 million.
Projects to be funded by World Bank include Nigeria Electrification Project (Off-Grid): $350 million, North Core Interconnection Power Transmission Line (regional project under West African Power Pool): $32.3 million, Nigeria Electricity Transmission and Access Project, $486 million.
Nigeria Electrification Project, $200 million, Nigeria Transmission and Expansion Programme, $210 million, to be funded by the African Development Bank.
The minister also informed that the government has executed 94. 1 percent of the 2021 budget in the areas of infrastructure and human capital development.
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According to her, as of November 2021, on the expenditure side, N12.56 trillion has been spent out of the N13.57 trillion prorata budget. This performance which she described as a milestone, is inclusive of expenditure estimates of the GOEs but exclusive of Project-Tied Loans.
The minister also informed that the Federal Government was planning to spend about N1.42 trillion on infrastructure and N2.11 trillion on human capital development in 2022 alone.
She noted that good quality infrastructure was important, not only to engender and accelerate economic growth but also to ensure and enhance inclusive growth for all within a nation space. “Subsequently, this administration continues to prioritize spending on infrastructure and human capital to catalyze rapid economic development,” she said.
Ahmed said the President Muhammadu Buhari administration has implemented a range of infrastructure programmes with a positive impact on the lives and livelihoods of the citizenry.
Speaking further on some initiatives of the Buhari’s administration, the minister informed that the Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme (RITCS) which was launched in 2019 has 33 road projects, covering a total length of 1,564.95 km as of 2021. She said in the last three years (2019 – 2021), about N78 billion worth of tax credits have been issued to investors under the RITCS.
On the Presidential Power Initiative, the minister said the first phase of the Presidential Power Initiative would provide over 40 million people with a more reliable electricity supply, create 11,000 direct and indirect jobs for Nigerians.
“This will be from power system engineers to electricians and contractors, and this will, in turn, improve the standard of living while providing homes and businesses with constant, reliable, and affordable electricity supply,”, she said.
Lai Mohammed, minister of information and culture said the town hall meeting was the 21st edition since the programme started in 2016. He informed more town hall meetings have been slated for this year to showcase the achievements as the Buhari’s administration gradually winds up.
“The first two in the series for 2022, including today’s, will be dedicated to infrastructure,” he said.
