The Minister of Works and Housing, Babatunde Fashola, says inadequate provision of funds is slowing down ongoing 711 highway projects worth N6.26trn road projects nationwide.
He said this on Thursday while presenting the ministry’s 2021 budget proposal and the details of its 2020 budget performance before the House Committee on Works.
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“The ministry is currently administering 711 number of contracts nationwide and as of 1st October, 2020the ministry has a cumulative unpaid certificates in the sum of N392.020 on ongoing highway construction projects,” he said.
Of the 2020 budget performance, he said, out of the N227.964bn capital allocation in the 2020 Appropriation Act, N152.150bn has so far been released to the Works and Housing sector (representing 66.74%), leaving a balance of N75.814; adding that N162.559bn projects were financed through Sukuk Bond.
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