We need N16 Trillion to complete inherited road projects – Minister of Works

Minister of Works, David Umahi, has stated that the Federal Government requires over N16 trillion to complete the inherited road projects across Nigeria.

In a briefing on Thursday, Umahi outlined the ministry’s achievements under President Bola Tinubu’s Renewed Hope Agenda.

He revealed that the current administration inherited 18,932.50 kilometers of ongoing road projects, encompassing 2,064 contracts.

As of May 2023, the total value of these projects was N14.42 trillion. Out of this, N4.73 trillion had been certified, with N3.12 trillion already paid.

“The funding gap to complete all the inherited projects is about N13 trillion as at May 2023 and will be more than N16 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.

According to him, the old traditional method of funding highway projects was through the annual budgetary provision.

He said, however, that over the years, budget provisions have seemed inadequate to address the challenges of highway development.