ABUJA (SundiataPost) – The Minister of Works, Mike Onolememen has announced that in 10 days time, the Coordinating Minister of the Economy and Minister of Finance, Ngozi Okonjo-Iweala, would lead a Nigerian delegation to China to finalise the Export Import (EXIM) loan for the Abuja-Keffi road project among others totalling $500 million.
He also said the dwindling oil prices notwithstanding, Nigeria’s construction of critical infrastructure would not be stalled, insisting Nigeria is not broke.
Fielding questions from State House correspondents on the latest on Abuja-Keffi Road, Onolememen, disclosed that the ministry of works has finally gotten the certificate of no objection from the Bureau for Public Procurement (BPP) for the award of contract for the construction of Abuja-Keffi road and it is now awaiting the President’s approval.
He said government was planning an EXIM loan from China for the project, adding that government could not but continue to fund infrastructural projects as it
helps to catalyse economic growth.
The Federal Government, it would be recalled had announced austerity measure, disclosing that luxury goods like private jets, champagne and yacht would be taxed and government is tinkering with cutting its expenses.
Onolememen said, “In terms of fallen oil prices, like you said that is a global phenomenon and Nigeria is not broke, the fact that the oil prices are falling we have not reached a stage that Nigeria cannot continue to
fund infrastructure projects in our country” .
He explained that the road projects are not funded in one year’s budget, but spread over several budgets.
Speaking on the maintenance of federal roads, the Works Minister said, the road network had a total assets value of close to N7 trillion and “we cannot sit down and fold our hands, we must keep renewing our assets, we must keep expanding them if we are to support economic growth in our country.”
The Abuja-Keffi road which is a central exit road for road users going in and out of the country’s capital is known for its traffic gridlock, keeping road users on the road for hours on end.
