More
    HomeNewsPolitics & GovernanceFEC approves ₦740bn for road projects 

    FEC approves ₦740bn for road projects 

    Published on

    spot_img

    THE Federal Executive Council, FEC, on Wednesday, approved a number of high-profile road projects, including ₦740 billion for the Berger stretch of the Abuja-Kano route.

    Minister of Works, Senator Dave Umahi, disclosed this while briefing State House correspondents at the end of the cabinet meeting, presided over by President Bola Tinubu at the Council Chamber, Presidential Villa, Abuja.

    The Minister clarified the government’s approach to managing the extensive backlog of infrastructure projects.

    He said that the Shagamu-Benin road is undergoing a critical rehabilitation, while procurement processes are being finalized for its full reconstruction using reinforced concrete pavement.

    Senator Umahi further said the Abuja-Kano road, previously slated for a tax credit arrangement, will now be procured without such a provision, with the 162-kilometer Berger section already approved for ₦740 billion.

    READ ALSO:FEC approves €443.3million, $141m financing for six M346 fighter aircraft, ammunition, establishes creative Economy fund

    The Minister highlighted several other projects, including the commencement of construction on the Sokoto-Badagry road, with the Sokoto section to be flagged off imminently.

    He said works on the Oyo-Ogbomosho road, a project stalled for 18 years, will resume, and the Makurdi-Katsina-Ala road will undergo significant repairs.

    Umahi said FEC also tackled the inherited debt profile of ₦1.6 trillion tied to 2,604 projects, with a total contract value of ₦13 trillion.

    To manage the backlog, he said the Ministry of Works has initiated a phased approach to project completion based on available funding.

    According to him, the council further approved advanced payment mechanisms to combat inflation and rising costs driven by fluctuating exchange rates and petroleum prices..

    Kindly share this story:

    Contact: editor@thereporterng.com

    Stay informed!
    Follow us on: X.com: @TheReporter2024
    Follow us on: Facebook: TheReporterNigeria
    WhatsApp for breaking news, updates and exclusive content. Don't miss a headline – Click below to join now!
    WHATSAPP

    Latest articles

    YABATECH students return after completing international skills programme in China

    Yaba College of Technology (YABATECH) has welcomed back 25 of its students who recently...

    Damagum tightens grip as PDP state chairmen disown rival leadership

    Embattled National Chairman of the Peoples Democratic Party (PDP), Ambassador Umar Damagum, on Thursday...

    South East Senate caucus lauds Dangote, hails FG fiscal initiative on industrialists

    THE South East Senate Caucus has hailed the Dangote Group, declaring that its refinery...

    We’ll continue to sustain, consolidate the gains achieved — Tinubu

    President Bola Tinubu, on Thursday in Abuja, stated that Nigeria remains on a steady...

    More like this

    YABATECH students return after completing international skills programme in China

    Yaba College of Technology (YABATECH) has welcomed back 25 of its students who recently...

    Damagum tightens grip as PDP state chairmen disown rival leadership

    Embattled National Chairman of the Peoples Democratic Party (PDP), Ambassador Umar Damagum, on Thursday...

    South East Senate caucus lauds Dangote, hails FG fiscal initiative on industrialists

    THE South East Senate Caucus has hailed the Dangote Group, declaring that its refinery...