Will share highlights from this new presentation, delivered yesterday in Kano, by @tundefashola, at the 28th Meeting of the National Council on Works.
(As far as memorable phrases go, he's a champ. "Incremental Power", and now "Season of Completion")
One of the biggest changes PMB has brought to road #infrastructure in Nigeria is in the area of financing. A lot more financing available for roads, highways, bridges under PMB than prev govts (even when oil prices were $100-avg for years). #PIDFund #Sukuk #ExecOrder7
In 2015, outgoing govt budget 18 billion for all the Federal roads in Nigeria - less than even Lagos' roads budget for the year
In 2016, with an even lower avg oil price, new Govt budgeted 260B, & released 198B = 76%
2020, inside Covid, 227B budgeted for roads, 100% released!
PMB's is the first Federal Government in Nigeria to issue Sovereign #Sukuk. Four issuances so far, all for road infrastructure:
2017: 100B
2018: 100B
2020: 152B
Latest - 2021: 250B
Close to 2,000km of Federal road (reconstruction) achieved with Sukuk 1,2,3.
Source: @FMWHNIG
There's #ExecOrder7 as well, in two categories: the main category, that has companies like MTN, NLNG, Dangote Group participating (180km of road contracted so far), and the second category, which has @nnpclimited financing the reconstruction of 1,800km of roads across Nigeria.
Road Financing under Multilateral Loans/Grants.
Source: @FMWHNIG
-Mokwa-Bida
-Akure-Ilesha
-Joint Border Bridge at Mfum (Nigeria)/Ekok (Cameroon)
-Dualization of 221km Keffi-Akwanga-Lafia-Makurdi Road (road users have been testifying on Twitter to the progress being made).
According to @FMWHNIG,
All of these road construction/rehabilitation projects have created more than 300,000 jobs since 2016; reduced journey times significantly, and created tens of billions of naira in business for suppliers of diesel, cement, sand, laterite, steel, etc.
Major suppliers and sub-contractors benefited from 45 Billion Naira worth of business from Julius Berger alone in 2020.
That's money in the pockets of Nigerians. Hence why it's shameful and laughable when some people say you cannot grow/develop an economy with infrastructure.
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