The Lagos-Ibadan Expressway, the 2nd Niger Bridge, and the
Enugu-Port Harcourt Road rank top of the list of the projects to be
funded with the Federal Government’s N350bn stimulus fund, our
correspondent has learnt.
The projects are among the ones abandoned by contractors due to
a lack of money.
In the Federal Capital Territory, for instance, virtually all the
construction sites have been abandoned.
For instance, contractors such as Julius Berger, CCECC and
Dantata & Sawoe have stopped work on project sites such as the
Lugbe-Airport road, the bridge linking Byazhim and Kubwa market,
as well as the major bridge linking the central business district with
Nyanya.
The Minister of Finance, Mrs. Kemi Adeosun, had while speaking
after the National Economic Council retreat chaired by Vice-
President Yemi Osinbajo said the Federal Government had resolved
to inject N350bn into the economy to stabilise it.
However, findings by our correspondent on Tuesday revealed that
most of the projects that would benefit from the initial release of
the fund would go for the projects abandoned having the capacity
create jobs on a large scale.
A top official in the Budget Office confided in our correspondent
that some of the projects being considered are the Lagos-Ibadan
Expressway, the Enugu Port Harcourt Road and the 2nd Niger
Bridge.
The construction of the Kano-Maiduguri Road, which has a
budgetary allocation of N16bn, the Abuja-Lokoja Road (N10bn),
and the Apapa-Oshodi Road (N5bn) are also expected to benefit
from the fund.
Others are the Sokoto-Kontagora Road (N4bn), the Ilorin-Jebba
Road (N6bn), and the Itu-Ikot-Ekpene Road (N6bn).
Apart from road projects, the source said the government would be
channeling funds into other infrastructure projects in the housing
and power sector.
He said, “We all know that we are facing challenging times, and the
government wants to use the 2016 budget as a solution to our
economic problems, especially the 30 per cent capital allocation
component in the budget.
“In doing so, some of the abandoned projects, which could create
jobs, will benefit from the N350bn to be released within the next
few months.
“Some of the projects are the Lagos-Ibadan Expressway, which has
about N50bn allocated for it in the budget, and the 2nd Niger
Bridge, which has an allocation of about N17bn.
“Other key sectors of the economy, particularly the housing and
power sector will also benefit from the fund.”
Adeosun had said for contractors to benefit from the fund, they
must show proof of the number of Nigerians that would be re-
engaged.
Adeosun said, “From the ministry of finance, in anticipation of the
approval of the budget, we have virtually lined up about N350bn,
which we will pump into the economy.”

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let the change begin!