Nigeria’s Minister of Works Babatunde Fashola says the country owes contractors ₦336 billion.
Fashola made the disclosure in an interview with Arise TV on Monday.
The minister said only N27 billion has been paid so far, while more certificates are piling up for the contracts that have not been paid.
Mr Fashola also disclosed that no fewer than 44 roads are undergoing construction with the N162 billion Sukuk bond across the country.
“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,” Mr Fashola said.
“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.
“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.”
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