The Minister of Works, David Umahi, declared that in an effort to reduce or completely eradicate the number of abandoned projects, the Ministry will not be submitting any new project proposals for the fiscal year 2025.
He is complaining about a N16 trillion funding gap for more than 4,000 ongoing projects, which he says the current administration took over.
In honor of his first year in office, he made this declaration on Thursday during a media briefing in Abuja.
The minister said, “We will not propose new projects for the 2025 fiscal year unless otherwise dictated by Mr President.
“I’m going to tell the Ministry of Finance to provide funds for us to complete ongoing projects.
“Right now, we have over 4,000 ongoing projects and a funding gap of N16tn, most of them were inherited by this administration.
“Some of these projects were awarded when the naira was exchanged for N150 to $1USD.”
The minister went on to say that it would be in the best interests of the country and that inflation has greatly increased the cost of most of these projects.
Details to follow..
