2018 Budget: FG to spend N35bn on Housing Programme, N9.8bn on Mambilla Hydro Project
Read Time:2 Minute, 41 Second
The Federal Government has set aside N35.4bn to address the housing needs of its workforce under the National Housing Programme in 2018.
President Muhammadu Buhari made this known when he presented the 2018 budget proposal at the joint session of the National Assembly in Abuja on Tuesday.
He also announced a budgetary allocation of N9.8bn for the Mambilla hydro power project in Gembu in Taraba.
The Federal Executive Council had on August 30, approved $5.79bn (about N1.140trn) for the construction of the Mambilla hydro plant 45 years after its conception.
Gov. Darius Ishaku of Taraba, had on Monday, lauded President Buhari for ensuring the commencement of work on the 3,050 megawatts Mambilla Hydro Electric Power Plant.
President Buhari stated that the N9.8bn earmarked for the plant included N8.5bn as counterpart funding.
The president revealed that the 2018 budget estimate also contained N12bn counterpart funding for earmarked transmission lines and substations as well as N10bn for the second Niger Bridge project in the South East region.
According to him, about N300bn has been set aside for the construction and rehabilitation of the strategic roads across the country.
“Furthermore, we have also invested a lot of time and effort in identifying alternative means of funding new projects.
“For example, the recent N100 billion Sukuk Financing will cater specifically for the development of 25 roads across the country.
“We also developed different structures that empower private investors to contribute to the development of roads of significant national importance.
“Already, we are seeing results. For example: The Bonny-Bodo Road is being jointly funded by the Federal Government and Nigeria LNG Limited.
“This project was conceived decades ago but it was abandoned. This Administration restarted the project and when completed, it will enable road transportation access for key communities in the Niger- Delta region,’’ he added.
The president stated that the Apapa Wharf-Toll Gate Road in Lagos State was also being constructed by private sector investors in exchange for tax credits.
He maintained that the Federal Government had also continued work on key strategic roads, adding that over 766 kilometres of roads were constructed or rehabilitated across the country in 2017.
“For instance, work is at various stages of completion on these strategic roads with immense socio-economic benefits: rehabilitation of Ilorin-Jebba-Mokwa-Birnin-Gwari-Kaduna Road; Dualization of Oyo-Ogbomosho-Ilorin Road and rehabilitation of Gombe-Numan-Yola Road.’’
Others, according to him, are dualization of Kano-Maiduguri Road; rehabilitation of Sokoto-Tambuwal-Jega road and Kotangora-Makera road that transverse Sokoto, Kebbi and Niger States; rehabilitation and reconstruction of Enugu-Port-Harcourt road; rehabilitation of Enugu-Onitsha Dual Carriageway Road and rehabilitation of Aleshi-Ugep Road and the Iyamoyun-Ugep Section in Cross River State.
The president also disclosed that his administration had embarked on the rehabilitation, reconstruction and expansion of Lagos-Ibadan Dual Carriageway road; construction of Loko-Oweto Bridge over River Benue in Nasarawa and Benue States and the construction Gokanni Bridge along Tegina-Mokwa-Jebba road in Niger State.
(NAN)
Receive Alerts on: Whatsapp: 08155131310
Twitter: @hotjist
Facebook: hotjist.com
Instagram: hotjist
Share your story with us: SMS: 08155131310
Whatsapp: 08155131310
Email: hotjist@outlook.com
Happy
0 %
Sad
0 %
Excited
0 %
Sleepy
0 %
Angry
0 %
Surprise
0 %
0
0