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 bond with a 7-year tenor to the tune of N100b.
Minister of Power, Works and Housing, Babatunde Fashola disclosed this on Monday while addressing members of the Manufacturers Association of Nigeria who paid him a courtesy call, in his office.
According to statement from the Ministry signed by Mohammed Ahmed for the Director, Information, the prioritised 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, among others.
The Minister said 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.
President of MAN, Dr. Frank Udemba Jacobs 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.
He commended government for measures at getting the economy out of recession and provision of an enabling environment for businesses to thrive.