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.
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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.
