TRIBUNE
David Umahi, the Minister of Works, has disclosed that the Federal Government needs more than N16 trillion to complete road projects inherited from the immediate past administration nationwide.
Umahi said this on Thursday in Abuja while briefing newsmen on the achievements of the ministry under the Renewed Hope Agenda of President Bola Tinubu.
The present administration inherited a total of 18,932.50 kilometres of ongoing road projects, with a total of 2,064 contracts, the minister revealed.
He said that the total value of all the ongoing projects as at May 2023 was N14.42 trillion.
According to him, the amount certified was N4.73 trillion with N3.12 trillion paid and N1.61 trillion owed.
“The funding gap to complete all the inherited projects is about N13 trillion as at May 2023; that 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.
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