The federal government plans to spend N150 billion Sukuk bonds to be issued by the Debt Management Office (DMO) on 44 ongoing highway projects, the minister of State for Works and Housing, Engr Abubakar Aliyu, has said.
Aliyu stated this at a summit on National Policy and Development in Abuja, yesterday.
He said that because of the paucity of funds, the federal government had to look for alternative sources of funding infrastructure.
The minister revealed that in 2017 and 2018, the federal government spent N200 billion raised through Sukuk bonds on 58 critical highway projects across the country.
Twenty- five of the projects was funded in 2017 and 28 in 2018, he said.
Aliyu said that the “expansion, reconstruction and rehabilitation of Lagos-Ibadan Road, the construction of the Second Niger Bridge and the rehabilitation of the Abuja-Kaduna-Kano Dual Carriageway are being financed with the Presidential Infrastructure Development Fund (PIDF).”
He said the sustained efforts in road infrastructure financing had impacted well on the physical completion of many of the projects.
The summit, which was organised by the Office of the Senior Special Assistant to the President on Policy Development and Analysis, has the theme: “Actualising the Next Level Agenda: Strategies, Prospects and Anticipated Challenges.”
The minister said in bridging the infrastructure gap in the country, the ministry had intervened in tertiary institutions’ internal road network roads through the reconstruction of internal roads in 44 tertiary institutions across the country.
“This forms part of the over 500 road and bridge projects being undertaken by the ministry as its contribution to infrastructure provision in the country,” he said.
Aliyu said that President Muhammadu Buhari had prioritised the provision of basic road infrastructure because it was a necessary prerequisite for the socioeconomic development of any nation.
On the housing sector, Aliyu said that the National Housing Programme is ongoing across the country with over 2,500 units completed in 34 states of the federation.