National

FG Invests N100b On 25 Arterial Roads Nationwide- Fashola

September 26, 2017

The Federal Government is reconstructing and rehabilitating 25 arterial roads with an aggressive plan to spend about N16.7b for each geopolitical zone across the country. The fund, which is a safe and low risk investment, is a Debt Management Office (DMO) Sovereign Sukuk (bond) with a 7-year tenor to the tune of N100b.

The Minister of Power, Works and Housing, Babatunde Fashola, SAN, disclosed this today while addressing members of the Manufacturers Association of Nigeria (MAN) who paid him a courtesy call, in his office.

The prioritized 25 road projects include the Dualisation of Ibadan-Ilorin Road, Suleja-Minna Road, Kano-Maiduguri Road, Lokoja-Benin Road, Rehabilitation of Enugu- Port-Hartcourt Expressway and the Construction of Kaduna –Eastern Bye- Pass, amongst others.

The Minister also stated that the Ministry is in the process of re-introducing the tolling system on completed Federal Highways in order to sustain the maintenance of these roads.

Earlier in his address, the President of MAN, Dr. Frank Udemba Jacobs, MON, commended the Minister for the novel idea in road financing, while specifically praising him for the on-going rehabilitation of Lagos-Ibadan, Onitsha- Enugu Expressways and other strategic roads across the country.

He also expressed delight for the approval of N213b Nigerian Electricity Market Stabilization Facility (NEMSF) aimed at easing some of the challenges in the electricity industry value-chain.

On a final note, he applauded the Federal Government for its recent measures at getting the economy out of recession and the provision of an enabling environment for business to thrive.

In attendance at the meeting were the Minister of State II for Power, Works and Housing, Surv. Suleiman Hassan Zarma, the Permanent Secretary, Power Sector, Engr. Louis Edozien, Directors and Chief Executives from the Ministry.

Mohammed A. Ahmed

For; Director, Information