FASHOLA

The Minister of Works, Babatunde Fashola has announced that the 2021 budget provision of less than three hundred billion for some key projects, was grossly inadequate as according to the Minister, his ministry will require over N6.26 trillion to complete 711 highway projects in 2021.
Fashola who disclosed this during a 2021 budget defence session before the Rep. Abubakar Bichi-led Committee on Works, noted that the Ministry cannot accomplish all its objectives due to paucity of funds, and recommended that rather than expanding the projects being financed through Sukuk, efforts should be channelled towards the completion of the entire green network covering the four major ports, Lagos, Warri, Port Harcourt and Calabar.
He explained that, out of the total sum of N227.964 billion capital allocation appropriated in the 2020 Appropriation Act, the sum of N152.150 billion has so far been released to the Works and Housing sector, representing 66.74%, leaving a balance of N75.814; adding that the sum of N162.559 projects were financed through Sukuk Bond
For 2021 budget proposal, Fashola said that the sum of N435.319 billion was proposed for capital, personnel and overhead cost of the Ministry of Works and Housing and six parastatals, adding that the N15.886 billion overhead is insufficient due to various socio-economic factors such as cost of fuel, inflation rate, among others.



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