FCTA to borrow N200bn for road, water projects | Dailytrust

FCTA to borrow N200bn for road, water projects

Federal Capital Territory (FCTA)
Federal Capital Territory (FCTA)

The Federal Capital Territory Administration (FCTA) said it would borrow N200 billion to finance road and water projects in the territory.

The FCT minister, Malam Muhammad Bello, said this on Tuesday in Abuja during the inauguration of a Technical Committee on the Proposed FCT issuance of SUKUK of N200 billion for the FCT 2022 Statutory Budget.

Bello explained that loan facility was needed to enable the FCTA to achieve its desired objective of rehabilitating and expanding some existing roads in the city.

According to him, the money will help to open up more roads to arrest traffic gridlock on major roads in the city.

He attributed the congestion and traffic situations in the city centre to an “unprecedented influx of people to the FCT” since the return to democracy in 1999.

Bello stressed that alternative funding outside statutory allocation was needed to complete projects in the FCT.

Dear Reader,
Every day, we work hard to provide readers such as you with the most accurate, up-to-date, and comprehensive information. Quality journalism costs money. Today, we're asking that you support us to do more. Your support means that Daily Trust can keep offering journalism to everyone in the world. Sign up for as little as N1,000 to become a member. Learn more about our membership here

Bank transfers can be made to:
Zenith Bank
1017257739
Media Trust Ltd


Please send details of your bank transfer to the email or Whatsapp number below so that we can contact you.

If you have any questions, please let us know.

Inquiries:
Email: membership@dailytrust.com
Whatsapp: +234 806 990 3410