N392bn Projects Debt: Senate Asks FG To Consider Pension Fund

The Minister of Works and Housing, Babatunde Fashola, on Wednesday, told the Senate that the Federal Government owe construction firms handling 711 road projects across the country N392bn.

The debt, according to the minister, was higher than the N276bn, proposed as budgetary allocation for road projects in 2021.

Fashola who stated this on Wednesday in Abuja while defending the 2021 budget of his ministry before the Senate Committee on Works.

He said N6.62tn was needed by the Federal Government to fund the 711 road projects across the country.

The minister, however, said the resources to achieve that were not available now, hence the need to prioritise the very important ones.

He however explained to the committee that in order to remedy the situation, the 711 projects had been categorised into four different areas of funding and execution.

The first category, he said, was the highway projects financed with the Presidential Infrastructure Development Fund.

The projects, he said, covered projects such as Lagos-Shagamu-Ibadan dual carriage way, the 2nd Niger Bridge and the rehabilitation of Abuja-Kaduna-Kano dual carriage way.

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