We are in debt of N336bn, Fashola reveals

Fashola said this during an interview on Arise Television on Sunday.

He said only N27bn had been released by the Federal Ministry of Finance, while about N162bn was available through the Sukuk Bond.

In the exact words of the Minister, “Our debts as of the end of July, our outstanding and unpaid certificates, for example, we are in the area of N336bn. Now, the release we have from the Ministry of Finance for the second quarter is N27bn.

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“Then we have the Sukuk (which is) N162bn. So, if you add that up, we are still way behind and more certificates are piling up for work that we haven’t paid.”

Fashola noted that some other projects such as the Second Niger Bridge were being handled by the Nigeria Sovereign Investment Authority (NSIA).

He stated that 44 roads were being constructed with the N162bn Sukuk bond.

“When you divide N162bn by 44 roads, what is left? That defines where we are in terms of the funding challenge,” Fashola said.

The minister also suggested that the Federal Roads Maintenance Agency (FERMA) would repair about 192 roads in the next 12 months, while 37 bridges were undergoing maintenance.

The minister also restated his support for the reintroduction of tolls on the major roads, adding that he sees no reason why tollgates should have been scrapped by the previous administration.

He added, “I can’t sit here in judgement over the circumstances that led to the removal of the tollgates because I don’t have the full facts on why the government of the day took that decision.

“In Yoruba and other languages, they say beheading is not the cure of headache.”

Fashola said the government was looking at the option of entering into concessions with the private sector on major roads.

The minister said the concession would see to the construction of guest houses, filling stations, and others along the highways.