‘Supplementary budget to beef response to security challenges’
The Federal Government has said it is investing $1 billion on three flagship road projects in Nigeria. It has also approved Executive Order 7, which essentially mobilises private investment through a tax credit scheme to encourage the private sector to invest in road construction for tax rebates.
Vice President Yemi Osinbajo, who disclosed this at the opening of the 51st Annual Conference of the Nigerian Institution of Estate Surveyors and Valuers, yesterday, in Abuja, explained that the government created the Presidential Infrastructure Development Fund, investing over a billion dollars in three flagship projects: the Lagos-lbadan Expressway, Second Niger Bridge, and Abuja-Kaduna-Zaria-Kano Expressway.
Represented by the Minister of State for Works and Housing, Abubakar Aliyu, the Vice President noted that government is making huge interventions on infrastructure to boost the economy.
According to him, “the implementation of the Highway Development and Management Initiative is ongoing. This is a PPP (Public Private Partnership) programme to mobilise, at first, over a trillion naira in private investment for the development and maintenance of 1,963km of 12 roads.”
Also, Minister of Works and Housing Babatunde Fashola, who was represented by an official of his ministry, Aisha Mohammed, said the development of critical infrastructures such as the provision and maintenance of new roads and bridges, airports, rail infrastructure, among others, had salutary impacts on the real estate sector.
“It is therefore in realisation of this fact that the Federal Government has taken deliberate steps to bridge our infrastructural deficit, which is estimated to be in excess of N15tn,” he said.
Osinbajo has declared, meanwhile, that the recent supplementary budget transmitted to the National Assembly is part of efforts by the Federal Government to beef up response to the nation’s security challenges.
He stated this yesterday evening when he received His Royal Majesty, the Oluyin of Iyin Ekiti, Oba Adeola Adeniyi Ajakaiye, who paid a courtesy call at the Presidential Villa, Abuja.
Minister of Industry, Trade and Investment Otunba Niyi Adebayo and Senator Opeyemi Bamidele were also present at the meeting.
The Vice President stated further that traditional rulers, local and state governments must also collaborate with the Federal Government in tackling insecurity.