The Federal Government of Nigeria as at the moment owes road contractors to the tune of N336 billion.
This was disclosed during the last weekend by the Minister of Works and Housing, Babatunde Fashola.
According to the Minister in an interview with Arise Television, while narrating various challenges being faced in the, out of the debt on the FG’s account only N27 billion has been paid to the owed contractors while more certificates are still coming in for some contracts yet paid.
He said, “Our debts as of the end of July, our outstanding and unpaid certificates, for example, were in the area of N336 billion. Now, the release we have from the ministry of finance for the second quarter is N27 billion. Then we have the Sukuk N162 billion. 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 added, “When you divide N162 billion by 44 roads, what is left? That defines where we are in terms of the funding challenge.”
“At this moment, for example, FERMA is going to undertake 192 road repairs and maintenance over the next 12 months. They just sent me the implementation plan on Friday last week and they are good to go.”
Meanwhile, the former Governor of Lagos State, Fashola, has disclosed why he had to turn down 17 honorary degrees from different universities in the country.
Fashola in the statement tagged ‘Fashola Charges Universities On Preparation Of Young People For Leadership’, during a courtesy visit by the Committee of Vice-Chancellors/Association of Vice-Chancellors of Nigerian Universities, said he stopped the award of honorary degrees in the Lagos State University for the benefit of the rising generation.