The Federal Government has flagged-off the reconstruction of 375.4km Abuja-Kaduna-Zaria-Kano road project.
Speaking at the ceremony, Minister of Power, Works and Housing, Babatunde Fashola, disclosed that the federal government is making road construction a priority in fulfillment of its campaign promises.
The road is expected to serve as major trunk road linking the south to the northern part of the country.
Habidah Lawal reports that President Muhammadu Buhari recently approved the establishment of a
Presidential Infrastructure Development Fund with a seed funding of $65m from the Nigeria Liquefied Natural Gas Dividend Account as approved by the National Economic Council.
The Nigeria Sovereign Investment Authority is to manage the fund which will be invested specifically in critical road and power projects across the country.
Minister of Power, Works and Housing, Babatunde Fashola, during the flag off ceremony of the Abuja to Kano 375.4 kilometre road said the initiative is aimed at eliminating the risks of project funding, cost variation and completion that have plagued the development of the nation’s critical
infrastructure assets over the last few decades.
Handing over the Abuja-Kaduna-Zaria-Kano 155 billion naira project to the contractor, he added that work will not stop on major road projects on account of lack of funding once they are approved in the budget.
Investments in this funding initiative will yield returns which in turn will diversify revenue to States, improve the fiscal sustainability profile of the Federation and ensure that Nigerians benefit from modernised Infrastructure for decades to come.