- The minister said that the total value of all the ongoing projects as at May 2023 was N14.42 trillion.
The Federal Government has said it inherited a total of 18,932.50 kilometres of ongoing road projects.
It disclosed that a total of 2,064 contracts are tied to these projects inherited from previous administration.
Minister of Works, David Umahi, made this known on Thursday when he briefed newsmen on the achievements of the ministry under the Renewed Hope Agenda of President Bola Tinubu.
According to him, the ministry needs over N16 trillion to complete inherited road projects across the country.
The minister said that the total value of all the ongoing projects as at May 2023 was N14.42 trillion.
He said that the amount certified was N4.73 trillion; however, N3.12 trillion was paid, and the amount owed contractors for certified works was N1.61 trillion.
“The funding gap to complete all the inherited projects is about N13 trillion as at May 2023 and will be more than N16 trillion when all projects are reviewed, in line with current market realities.
“This is due to the removal of fuel subsidies and the floating of the naira.
“It is a very sound economic decision by this administration, considering the fact that some of the projects have lingered for between five and eight years.
“Consequently, the projects are being reviewed to match current market realities; this position excludes all the new projects under the Renewed Hope Agenda and the four legacy projects,’’ Umahi said.
According to him, the old traditional method of funding highway projects was through the annual budgetary provision.
He said, however, that over the years, budget provisions have seemed inadequate to address the challenges of highway development