The Minister of Power, Works and Housing, Mr. Babatunde Fashola, has said the federal government will need as much as N1.7 trillion to complete about 206 road projects it awarded in the past.
Fashola however noted that the three ministries under him have only N433 billion earmarked for them in the 2016 budget.
He explained in this light that the ministry decided to phase the road projects and complete them over the next three years starting from high priority roads.
He said this at the weekend in Lagos when he spoke at the African Alliance's 2016 Investor Day Dinner. His remarks were however contained in a statement from his media aide, Mr. Hakeem Bello in Abuja.
According to Fashola, to overcome extant challenges in sustainable road infrastructure development, the government has upgraded the budget to finance infrastructure from 15 per cent he said was the situation in the past to 30 per cent.
"This is the first step to sustainability. But it is not enough to budget. It is important to implement the budget and use the finances properly," he said.
He stated: "Today, with about 206 road contracts already awarded in the past and not completed, it does not make sense to start any new roads when the amount needed to complete is about N1.7 trillion and the budget for the three ministries is N433 billion as proposed by the Executive."
He explained that the priority of his ministry was to finish as many already awarded roads as possible.