Business
FG spending on infrastructure, human capital to catalyze rapid economic development-Finance Minister
…as Nigeria awaits consensus to sign $3.3 billion loan agreement for 10 projects
The Minister of Finance, Budget and National Planning, Dr Zainab Ahmed has said that the President Muhammadu Buhari-led administration would continue to prioritize spending on infrastructure and human capital to catalyze rapid economic development.
This is as Federal Government in 2022 alone, plans to spend about N1.42 trillion on infrastructure and N2.11 trillion on human capital development, putting it at $3.3 billion.
Ahmed disclosed this at a Town Hall Meeting on the achievements of the Federal Government in Infrastructure Development, organised by the Ministry of Information and Culture.
She noted that the present administration has put in place good-quality important infrastructure, not only to engender and accelerate economic growth, but also to ensure and enhance inclusive growth for all Nigerian citizen.
“In 2022 alone, we plan to spend about N1.42 trillion on infrastructure and N2.11 trillion on human capital development.
The listed projects awaiting consensus before signing of loan agreement to include, Kano Urban Light Rail Project- (Phase I): US$673.2 million, Construction Of Lafia By-Pass Road And The Dualization Of 9th Mile (Enugu)-Otukpo-Makurdi Road Project: US$845.75 million, E-Border Solution: US$175.5 million.
Other projects that are to be funded by World Bank include Nigeria Electrification Project (Off Grid): US$350 million, North Core Interconnection Power Transmission Line (Regional Project under West African Power Pool): US$32.3 million, Nigeria Electricity Transmission and Access Project: US$486 million.
Nigeria Electrification Project: US$200 million, Nigeria Transmission and Expansion Program: US$210 million, to be funded by the African Development Bank.
Abuja Power Feeding Transmission Scheme: US$170 million, Northern Corridor Transmission Line: US$245 million to be funded by the French Development Bank.
According to the Minister, there are a lot of projects on-going which were funded by external loan, the projects according to her are US$984.32 million Zungeru Hydropower Plant Project, US$1.26 billion Lagos – Ibadan Railway Project.
Others are US$460.82 million Upgrading And Rehabilitation Of Keffi-Akwanga—Lafia Road Project, US$164.91 million Supply Of Rolling Stock And Depot Equipment For Abuja Light Rail Phase 1 Project, US$328 million NICTIB Phase II (Galaxy Backbone), US$208.91 million Four Airports Terminal Expansion Project Phase II, and US$183.62 million Ancillary Works On Four Airports Terminal Expansion.
She also said 18 Roads Funded Under the Sukuk Include, Oju/Loko-Oweto bridge over River Benue to link Loko (Nasarawa state) and Oweto (Benue state) along route, Dualisation of the following roads, Abuja-Abaji-Lokoja road section I (international airport link road junction – Sheda village.
Others are “Suleja-Minna road in Niger state phase, Abuja-Abaji-Lokoja road: Section IV Koton Karfe-Lokoja in Kogi state, Lokoja- Benin road: Obajana-Okene in Kogi state, Kano-Maiduguri road linking Kano-Jigawa-Bauchi- Yobe
g. Kano-Maiduguri road linking Kano-Jigawa-Bauchi-Yobe and Borno states. Section III (Azare- Potiskum) in Bauchi.
“Kano- Maiduguri road linking Kano-Jigawa- Bauchi-Yobe and Borno states. Section IV (Potiskum-Damaturu road) in Yobe, Kano-Maiduguri road linking Kano-Jigawa-Bauchi-Yobe and Borno states. Section V (Damaturu- Maiduguri). Yenegwe road junction-Kolo- Otuoke-Bayelsa palm in Bayelsa.
“Lokoja-Benin road: Obajana junction-Benin section II phase I: Okene-Auchi, Kogi/Edo states, Lokoja-Benin road: Obajana junction-Benin section III phase I: Auchi-Ehor in Edo. Lokoja-Benin road: Obajana junction- Benin section IV phase I: Ehor-Benin city, Edo State.
“Ibadan-Ilorin road. Section II: Oyo- Ogbomosho road in Oyo III. Kano- Maiduguri road linking Kano-Jigawa- Bauchi-Yobe and Borno states. Section I (Kano-Wudil-Shuari) in Kano, Kano-Katsina road phase I, Kano town at Dawanau roundabout to Katsina border in Kano, Construction of Kano western bypass as an extension of dualisation of Kano-Maiduguri road section.
“Construction of Kaduna Eastern Bypass. Rehabilitation of the following roads: Outstanding section of Onitsha-Enugu expressway Amansea-Enugu border Enugu-Port Harcourt dual carriage section I: Lokpanta- Umuahia in Abia Enugu-Port Harcourt dual carriage section II Umuahia tower-Aba township rail,Enugu-Port Harcourt road section III: Enugu- Lokpanta.
“Enugu-Port Harcourt road section IV: Aba-Port Harcourt in Rivers, Reconstruction and asphalt overlay of Benin-Ofosu-Ore- Ajebandele-Shagamu dual carriageway phase, Reconstruction of outstanding section of sections of Benin-Ofusu-Ore- Ajebandele-Shagamu dual carriageway phase II.
For his part, the Minister of Works and Housing, Babatunde Fashola during his presentation, revealed that the government is managing over 1,019 contracts involving 958 bridges and road projects.
The Minister said the Federal Government is constructing houses in 34 states of the federation and a new Federal Secretariat in Anambra, Nasarawa, Bayelsa, Zamfara, Osun and Ekiti.
Earlier in his welcome address, Minister of Information and Culture, Alhaji Lai Mohammed said the Town Hall Meeting is aimed at showcasing the achievements of President Muhammadu Buhari led administration, as it gradually winds up.
“Because of the massive infrastructure development of the administration, the first two in the series for 2022, includingtThe oday’s, will be dedicated to Infrastructure.
“Other Town Hall Meetings scheduled for this year will focus on the Administration’s strides in the area of the National Social Investment Programme; fight against corruption; insecurity; national unity and the economy, among others”, he noted.
Contact: info@royalnews.com.ng
