FG Earmarks N150bn For 44 Highway Projects

The federal government says it will spend  N150 billion Sukuk bonds being issued by the Debt Management Office (DMO) in financing 44 ongoing highway projects nationwide.

The Minister of State for Works and Housing, Engr Abubakar D. Aliyu, on Thursday, announced this at the ongoing Summit on National Policy and Development holding in Abuja.

Engr Abubakar D. Aliyu said as a result of paucity of funds, the federal government sort to leverage on alternative sources of funding to finance infrastructure.

‘’In 2017 and 2018, the federal government expended N200 billion raised through Sukuk bonds on 58 critical highway projects across the country. Twenty- five of these projects were funded in 2017 and 28 in 2018,’’ said the Minister.

“Expansion, Reconstruction and Rehabilitation of Lagos-Ibadan road, Construction of Second Niger Bridge and the Rehabilitation of Abuja-Kaduna-Kano Dual Carriageway are being financed with the Presidential Infrastructure Development Fund (PIDF).”

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The summit with the theme: “Actualizing the Next Level Agenda: Strategies, Prospects and Anticipated Challenges,’’ was organized by the Office of the Senior Special Assistant to the President on Policy Development and Analysis.

Engr Abubakar D. Aliyu said in bridging the infrastructure gap in the country, the works and housing ministry is also intervening in tertiary institutions’ internal road network across the country through the reconstruction of internal roads in 44 tertiary institutions across the country.

According to him, “this forms part of the over 500 road and bridge projects currently being undertaken by the Ministry as its contribution to infrastructure provision in the country.’’

He noted that the President Muhammadu Buhari led administration has prioritized the provision of basic road infrastructure because it is a necessary prerequisite for the socio-economic development of any nation.

‘’policies have been put in place to encourage the private sector to partner with the Federal Government in the provision of these critical infrastructure.’’

“the Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme (RIDRITCS) through which projects like the Apapa-Oworonshoki road, Obajana-Kabba road, the Bodo-Bonny road and the Apapa-Wharf road are being executed by private firms,’’ said Engr Aliyu.

Speaking on the housing sector, Engr Aliyu explained that the National Housing Programme is on-going across the country with over 2,500 units  completed in 34 states of the federation.