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Nigeria's Minister of Works reveals a funding gap of over N16 trillion to complete inherited road projects.
Nigeria's Minister of Works, David Umahi, reveals that the Federal Government needs over N16 trillion to complete inherited road projects across the nation, totaling 18,932.50 kilometers and involving 2,064 contracts.
The funding gap to complete these projects was estimated at N13 trillion as of May 2023 but is expected to increase to over N16 trillion after reviewing them in line with current market realities.
Alternative funding mechanisms, such as the Presidential Infrastructure Development Fund, Sovereign SUKUK, Road Tax Credit Scheme, Public Private Partnerships, and the newly established Renewed Hope Infrastructure Funding model, have been implemented to address the funding shortfall.
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