Minister of Works and Housing Raji Fashola has revealed that the Federal Government owes road construction firms in the country a sum in the region of N392billion.
Fashola made this disclosure in Abuja during his budget defence session before the Senate Committee on Works.
He told the lawmakers that the N392billion debt exceeds the N276billion proposed as budgetary allocation for road projects in 2021 Appropriation Bill.
Fashola said: “With the situation on ground, a stop has come for new projects and need for prioritizing of existing ones towards achieving completion of some of them.”
He insisted N6.62trillion is required to fund the 711 road projects but due to scare resources, the Federal Government has no choice but to prioritize the important roads.
Fashola said: “We do not have the resources that we need to fix our road infrastructure at once. The very reason why we need to prioritize what we want to do.
“The situation on ground requires us to cut our coat according to our cloth and not according to our size because no good will come out of more new road projects now.”
