Fashola Says Nigeria Needs N10trn Bond For Infrastructure - THE ENCOUNTER NEWS

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Tuesday, July 30, 2019

Fashola Says Nigeria Needs N10trn Bond For Infrastructure

Babatunde Raji Fashola
ABUJA - Babatunde Fashola, immediate past Minister of Power, Works and Housing, has said that funding is a major factor that limits the completion of strategic road projects across the country.

Fashola said that there was the need to explore other means of funding like raising infrastructure bond up to the tune of N10 trillion where Nigerians could also subscribe to the bond for critical infrastructure in the country.

He said these while responding to questions from senators at the ongoing ministerial screening by the Senate.

According to him, the limited budget allocation for execution of critical infrastructure had resulted in government borrowing from multilateral corporations to fund the budget.

He also said that there was the need to cash-back the budget to fund critical projects.

Fashola, however, said that in spite of the challenge of funding, his team had left the power, works and housing sectors better than they met it in 2015.

This, he said, had resulted in the construction of some critical infrastructure on roads, housing and power.

He said that the ministry had secured the release of 720 stranded containers containing transmission equipment.

According to him, the equipment have been utilised to improve transmission lines across the country.

The former minster noted that the ministry had made significant efforts on off-grid electricity within the period of his stewardship.

Fashola listed the off-grid electricity executed by the government to include the electrification of Araria and Sura markets.

He said that a clear road map had been established for the electrification of other 350 markets and 37 federal universities using off-grid electricity.

The nominee also said that state governments were empowered by the constitution to generate, transmit and distribute power.

He explained further that there was the need for all stakeholders to support the regulators in the ministries to fully enforce the provision of the law in the discharge of their duties.

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