Home » FEC Unveils N759 Billion Boost for Major Nigerian Road Projects

FEC Unveils N759 Billion Boost for Major Nigerian Road Projects

Massive Funding Targets Infrastructure Growth, Economic Stability Nationwide

by Oluwatosin Racheal Alabi

The Federal Executive Council (FEC), led by President Bola Tinubu, has sanctioned a monumental allocation of N759 billion for critical infrastructure enhancements, specifically targeting the Obajana-Benin Road and the Isheri-Ogun Road projects. This significant financial injection, articulated by Minister of Works, Dave Umahi, during a media briefing in Abuja, reflects the administration’s steadfast commitment to revamping Nigeria’s road infrastructure, thereby facilitating economic growth and enhancing connectivity across key regions.

The bulk of this investment, an additional N757 billion, is earmarked for the dualisation of the 489km Obajana-Benin Road, a strategic thoroughfare that has undergone various phases of rehabilitation and expansion since its initial award to four contracting firms in 2012. Initially pegged at N122 billion for light rehabilitation, the project’s scope expanded to dualisation under the previous administration, necessitating a comprehensive review by Umahi’s team. This review affirmed the dualisation’s economic viability and adjusted the project’s financial blueprint to accommodate the augmented scope, resulting in a revised budget of N897 billion. The decision to resume and escalate the project reflects a proactive approach to ensuring that the infrastructure meets contemporary needs while supporting economic activities between Lokoja and Benin.

Additionally, the FEC approved N2.23 billion for the Isheri-Ogun Road, under the Federal Roads Maintenance Agency (FERMA). This project aims to provide an alternative route to the Lagos-Shagamu Road, with plans to introduce tolling upon completion. This strategic initiative not only eases traffic congestion but also underlines the government’s intention to leverage infrastructure development for sustainable revenue generation.

Another significant approval was the N114 billion allocation for the Outer Marina shoreline protection project, a critical environmental and infrastructure initiative. This project, essential for safeguarding Lagos’s coastline against erosion, underscores the government’s commitment to environmental sustainability and the protection of vital urban landscapes. The project leverages modern, durable construction techniques, offering a long-term solution to shoreline erosion while supporting adjacent infrastructure, including the recently inaugurated Red Line project.

Amidst these infrastructural developments, Minister Umahi also addressed concerns regarding the recent spike in cement prices, attributing it to production cost increases rather than policy shifts towards concrete roads. This clarification comes in the wake of discussions with leading cement manufacturers, following the House of Representatives’ inquiries into the matter. The government’s dialogue with manufacturers indicates a concerted effort to stabilize prices, with potential incentives to mitigate the impact on consumers.

In parallel, the Federal Government has initiated the distribution of 42,000 metric tonnes of grains across Northwestern states, a move spearheaded by the Minister of Agriculture and Food Security, Abubakar Kyari. This initiative, part of a broader food security strategy, aims to alleviate food scarcity and stabilize prices in affected regions.

The Ministry of Communications, Innovation, and Digital Economy, under Minister Bosun Tijani, also unveiled ambitious plans to enhance Nigeria’s digital infrastructure. A significant proposal to invest in a comprehensive fiber optic network across the country promises to revolutionize connectivity, bolster public service delivery, and drive economic development. This project, supported by international financial institutions, illustrates the administration’s vision for a digitally empowered Nigeria.

Furthermore, the Ministry of Industry, Trade, and Investment, highlighted its ongoing international engagements and initiatives aimed at bolstering Nigeria’s trade and investment landscape. These efforts are crucial for positioning Nigeria as a competitive player in the global market, attracting foreign investment, and promoting sustainable economic growth.

These comprehensive measures, encompassing infrastructure, agriculture, digital economy, and trade, signify the Tinubu administration’s multi-faceted strategy for national development. Through these initiatives, the government not only aims to enhance the quality of life for Nigerians but also to lay a robust foundation for sustained economic growth and development. The focus on strategic infrastructure investment, alongside efforts to stabilize key sectors like agriculture and manufacturing, reflects a holistic approach to addressing Nigeria’s contemporary challenges while paving the way for a prosperous future.

Source: The Sun Nigeria

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