Lai Mohammed Says These 5 Critical Projects Will Cost Nigeria $1.3bn
Sometimes, when you hear the cost of projects in Nigeria, you may be tempted to grab a calculator.
You might also find yourself asking why the humongous amount? Are we planning to devalue the economy through the back door?
On Sunday, the Minister of Information and Culture, Lai Mohammed, said the Nigerian government has set aside $1.3 billion (about 468 billion Naira) from the National Sovereign Investment Fund to finance five critical infrastructure projects.
Mohammed gave the figure when he appeared as guest on a Nigeria Television Authority's programme, “Stepping Up”.
The minister said the five ongoing projects to benefit from the fund are the Lagos-Ibadan Expressway construction, Second Niger bridge, East-West road construction, Abuja-Kano expressway construction and Mambilla power project.
He said President Muhammadu Buhari’s administration is committed to infrastructure development across Nigeria and would continue to revive and complete all abandoned projects.
“We believed that rather than starting new projects, it will benefit Nigerians to complete all inherited abandoned projects.
“To appreciate the commitment of the administration to infrastructure: In 2014 Nigeria spent 14 billion Naira on transportation, 34 billion Naira on water resources and agriculture and 106 billion Naira on power works and housing.
“In 2017, this administration spent 107 billion Naira on transportation, 130 billion Naira on agriculture and water resources and 325 billion Naira on Power, Works and Housing.
“The administration, in a manner unprecedented in the history of the country, spent a total of 2.7 trillion Naira on capital projects in 2016 and 2017 alone,” he said.
The minister listed the Oyo-Ogbomosho expressway being funded by Sukuk bond, the 240km Enugu Port Harcourt roads among the numerous ongoing projects of the government.
Also Read: PDP Already Conceding Defeat - APC
He said the administration had completed the reconstruction of the failed Ilorin-Jebba-Mokwa road which he claimed had been abandoned for over 10 years.
This is coming days after the government released a list of 69 ongoing projects and again the minister said the administration was miffed by the "false allegation that the region was abandoned in infrastructure development".
If you enjoyed reading this and our other stories, please, share with friends and loved ones.