The Minister of Works, Engr. David Umahi, has stated that the ongoing projects in the country will require extra funding for them to be completed, News About Nigeria reports.
The Minister stated this while speaking during a media briefing to mark his first year in office in Abuja on Thursday.
He noted that the Ministry of Finance will be directed to provide funds for the completion of the ongoing projects.
Umahi disclosed that the Ministry currently has over 4,000 ongoing projects and a funding gap of N16 trillion, most of which were inherited by this administration.
According to him, some of the projects were awarded when the naira exchanged for N150 to $1.
Umahi further stated that the Ministry will not be proposing new projects for the 2025 fiscal year to reduce, if not eliminate, the incidence of abandoned projects.
“We will not propose new projects for the 2025 fiscal year unless otherwise dictated by Mr. President.
“I’m going to tell the Ministry of Finance to provide funds for us to complete ongoing projects.
“Right now, we have over 4,000 ongoing projects and a funding gap of N16 trillion; most of them were inherited by this administration.
“Some of these projects were awarded when the naira exchanged for N150 to $1 USD,” he stated.
The minister further explained that inflation has contributed significantly to the rising cost of most of these projects and it would be in the nation’s best interest.
The media briefing is the first event to celebrate Umahi’s one year in office, which he describes as a successful one.
