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Fuel subsidy to fund vital Nigerian projects

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By Mercy Kelani

Federal Ministry of Works has conducted an inspection tour of the projects.

Mr Olawale Edun, the Minister of Finance, has stated that in addition to the revenue generated internally, the funds required for vital projects will also be sourced from the savings obtained from the elimination of fuel subsidies. He asserts that the NNPC Ltd and security forces have been tasked by the Federal Government to increase oil production and sales in order to prevent a handful of politicians from usurping the government’s rightful share, an objective made possible through the implementation of digitalization, computerization, and advanced technological systems.

The disclosure was made by the minister subsequent to conducting inspections on key infrastructures in Lagos, including the Third Mainland Bridge, Carter Bridge, Iddo Bridge, and Coastal Road. Dave Umahi, the Minister of Works, took charge of leading the team of engineers from the Federal Ministry of Works as they embarked on an inspection tour of the projects. Edun also asserted that the dedication of the Nigerian President Bola Ahmed Tinubu lies in procuring internal finances.

Advantages will emerge from forthcoming developments.

There was further emphasis that the restoration of the bridges and preservation of the deteriorated Marina Shoreline would be funded through a specific aim of achieving a 77 percent surge in internally generated revenue. The President is fully dedicated to kick-starting the funding process, and one of his focal points revolves around infrastructure development, enhancing mobility, improving transportation systems, and optimizing logistics networks. According to Edun, if Nigerians want to see the economy flourish once more, they must focus on essential infrastructure like bridges and highways.

It is imperative for the country to uncover the necessary funds for these vital projects. He outlined that there had been a shift in the financial aspects of Nigeria, appending that there will be advantages emerging from certain forthcoming developments. He insists that there is a growing necessity to gather funds specifically for the purpose of addressing and rectifying the infrastructure, especially the bridges, which are in dire need of repair. During the inspection tour, Minister of Works, Dave Umahi expressed his concerns regarding the restoration of key components of the Third Mainland Bridge.

Contractor CCEEC has successfully reached 30% progress.

He pointed out that the bridge’s deck had merely been superficially patched up over the years, resulting in the formation of unwanted potholes. The bridge’s capacity was intended to accommodate a 20-inch layer of asphalt. With the President’s full approval of the extensive 11-kilometer bridge project, the next steps involve a complete overhaul: upgrading the lighting system, installing CCTV surveillance, and repainting the curbs. Presently, the contractor CCEEC has successfully reached 30% progress, informed the minister.

In the forthcoming month of April, he declared that the bridge’s restoration would be completed. Umahi expressed deep sorrow over the deflection of certain slabs on both the Third Mainland Bridge and the Carter Bridge in Lagos, simultaneously expressing concern over the declining conditions of the piers. Upon the ministry’s exploration beneath the bridges, their observations revealed a slight deflection in a few of the slab elements. However, there is no cause for concern as they assured Nigerians that appropriate measures will be taken to reinstate these slabs.

Related Article: FG to Close Third Mainland Bridge again

Currently, Buildwell engineering is diligently crafting a design for this purpose. Julius Berger is currently conducting repairs on a few of the piers or columns that have shown signs of deterioration. The minister revealed that Julius Berger is anticipated to descend into the riverbed and explore the underwater realm to ascertain the current situation of the piers of the bridge. An extensive number of supporting columns for the bridge have experienced a significant loss in quality, elucidated the minister.


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Ask Nigeria
Member
26 days ago

Fuel subsidy to fund vital Nigerian projects. Federal Ministry of Works has conducted an inspection tour of the projects. – Express your point of view.

Taiwo
Member
25 days ago

Fuel subsidies help finance important projects in Nigeria. The projects have been inspected by the Federal Ministry of Works. -I hope we put the money we saved on the fuel subsidy to good use. All other necessary projects should be financed with it.

Kazeem1
Member
25 days ago

The money needed for essential projects will also come from the savings made possible by the removal of fuel subsidies. Transparency in the application of advanced technological systems, computerization, and digitization will advance society and improve the improvement of infrastructure, mobility, public transportation, and distribution networks. These are the areas in which the money should be invested.

Adeoye Adegoke
Member
25 days ago

That’s interesting to hear that the fuel subsidy is being used to fund vital projects in Nigeria. It’s important for the government to invest in infrastructure and development to improve the overall well-being of the country.
The fact that the Federal Ministry of Works has conducted an inspection tour of these projects shows their commitment to ensuring that the funds are being utilized effectively. It’s crucial to have transparency and accountability in such endeavors to ensure that the money is being put to good use.
By redirecting the funds from the fuel subsidy towards these vital projects, the government can address critical needs and make significant improvements in areas such as transportation, energy, and social infrastructure. This can have a positive impact on the lives of Nigerians and contribute to the overall development of the nation.
Of course, it’s important to strike a balance between funding essential projects and ensuring that the cost of fuel remains affordable for the citizens. The government needs to carefully manage the subsidy to avoid any adverse effects on the economy or the people.
Overall, it’s encouraging to see efforts being made to invest in crucial projects and improve the infrastructure of Nigeria. Let’s hope that these initiatives bring about positive changes and benefit the lives of all Nigerians.