Minister of Power, Works and Housing, Babatunde Fashola, says Nigeria
needs at least N10 trillion bond to develop key infrastructures such
as roads and power.
Fashola gave the insight on Monday during a budget defense session
with the House of Representatives Committee on Works.
The Minister, who was reacting to questions by members of the
Committee over failing roads in Nigeria, noted that funding remains a
major constraint behind road construction and maintenance.
According to him, only a long term infrastructure bond, backed up with
viable legislative framework, would take care of failing
infrastructure in the country, and thus drive critical aspects of the
He also advised for caution in the application of the Road Fund Bill,
recently signed by President Muhammadu Buhari, so as not to “raise
expectations above realities.”
“We have to challenge ourselves to access revenue to fund our roads.
But since the budget is limited, we must subscribe to realities.
“I want to say that Nigeria needs N10 trillion infrastructure bond,
through legislative approval, to effectively fund our roads and power.
“Critical infrastructures, such as roads, are national social
investments meant to encourage the growth and development of other
aspects of the economy,” Fashola told the lawmakers.
Earlier, Chairman of the House Committee on Works, Toby Okechukwu
(PDP, Enugu), had said the Road Fund Bill provided a take-off point
for road funding initiative in Nigeria.
Sunday Karimi (PDP, Kogi) and Sani Abdu (APC, Bauchi), both members of
the Committee, also raised issues over the Kabba-Obajana,
Bauchi-Alkaleri, and Enugu-Port Harcourt roads, saying Nigerians
expected miracles from the Minister given his precedents as Lagos
They further appealed to him to ensure that the second phase of the
SUKUK bond initiative is directed towards the completion of pending
road projects littered across the country.