NO NEW PROJECTS FOR 2025, THE MINISTRY WILL FOCUS ON COMPLETING ONGOING, ABANDONED ONES – UMAHI ANNOUNCES

August 22, 2024August 22, 2024

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The Minister of Works, David Umahi, indicated that the Ministry will not propose any new projects for the fiscal year 2025, with the goal of reducing or eliminating the number of abandoned projects.

This comes as he laments the N16 trillion financing deficit on over 4,000 ongoing projects, which he claims the current administration inherited.

He made the statement during a media conference in Abuja on Thursday, which marked his first year in office, according to Vanguard.

The minister said, “We will not propose new projects for the 2025 fiscal year unless otherwise dictated by Mr President.

“I’m going to tell the Ministry of Finance to provide funds for us to complete ongoing projects.

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“Right now, we have over 4,000 ongoing projects and a funding gap of N16tn, most of them were inherited by this administration.

“Some of these projects were awarded when the naira was exchanged for N150 to $1USD.”

The minister went on to say that inflation has played a big role in the escalating costs of the majority of these projects and that it would be in the nation’s best interests.