Business
…To Spend $1.3bn On East-West Road, Others
The Federal Government has set aside $1.3billion (about N468billion) from the National Sovereign Investment Fund (NSIF) to finance five critical infrastructure projects, among which are the second Niger Bridge, the East-West Road that links all Niger Delta states and the Lagos-Ibadan Expressway.
The Minister of Information and Culture, Alhaji Lai Mohammed disclosed this when he appeared as guest on a Nigeria Television Authority programme, “Stepping Up”, recently.
The minister said two other projects to benefit from the fund are Abuja–Kano Expressway construction and the Mambilla power project.
He said President Muhammadu Buhari’s administration was committed to infrastructure development across Nigeria and would continue to revive and complete all abandoned projects inherited from previous administrations.
“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 N14billion on transportation, N34billion on water resources and agriculture and N106billion on power works and housing.
“In 2017, this administration spent N107billion on transportation, N130billion on agriculture and water resources and N325billion on Power, Works and Housing”, he said.
The minister listed the Oyo-Ogbomosho Expressway being funded by Sukuk bond, the 240km Enugu-Port Harcourt Expressway, among the numerous ongoing projects of the government.
Mohammed said the 156km Lagos -Ibadan standard gauge rail project is ongoing.
He said the government in April signed an agreement with a consortium led by General Electric to revamp the 3,500 km narrow gauge between Lagos and Kano.
The minister said the 49.2 km Abuja light rail project was recently commissioned by the President.
Mohammed said the Abuja-Kaduna standard gauge was working and the government had in the pipeline, rail projects for all parts of the country.
The minister said the Buhari government was on track and would continue to develop critical infrastructure for national development.