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The Minister of Works, David Umahi, has disclosed that the pressure on the naira in the foreign exchange market and the removal of fuel subsidy have impacted earlier projections of what the Federal Government would need to complete inherited ongoing road projects nationwide.
Umahi stated this on Monday at a press briefing, noting that President Bola Tinubu’s administration would now require over N19 trillion to complete these projects, which according to him represents an increase of N3 trillion over the N16 trillion projected for the projects as of August 2024.
Addressing the media, the minister explained that these issues have continued to affect the ministry’s activities regarding project delivery, while further explaining that the President decided to keep all projects active, hoping to secure funding from internal and external sources, including loans, because of his concern for Nigerians’ well-being
