The council also approved the establishment of Renewed Hope Infrastructure Development Fund (RHIDF) to tackle the nation’s $878 billion infrastructure gap.
Works Minister Dave Umahi and Federal Inland Revenue Service (FIRS) Chairman Zacch Adedeji announced the latest development after FEC’s meeting in Abuja, presided over by President Bola Tinubu.
UUmahisaid FFEC approved another N144 billion for Shaki-Okerete Road in Oyo State and N 83. 779 billion on the Buruku BrIdge in Katsina Ala, Benue State.
One project —the N158 billion Biu- Kanga-Kana- Gaya road to the Niger Republic border- was stepped down by the council based on the minister’s request.
He said, “Today(yesterday) the Federal Executive Council considered and approved a total of 28 roads and bridges and stepped down one project. The project I requested that should be stepped down so that I can look at it again is the Biu, Kanga, Kana, Gaya to the border of Niger Republic costing about N158 billion.
“The other projects totalling 1.26 7 trillion, they were all approved by FEC having gone through the BPP(Bureau for Public Procurement) and we got the certification, no objection.
“Council also approved the Buruku bridge that is going across Katsina Ala River in Benue state, the bridge is a twin bridge that marches the dualised road there, and each of the bridge is about 850 meters. So put the two together is 1.7 kilometres and costs about N83.799 billion.
“There was also approval by FEC for a road- Shaki and Okerete- in Oyo. The road is 91.432 kilometres costing N144 billion.”
Adedeji, who is also President Tinubu’s special adviser on Revenue explained that the RHIDF would be domiciled in the Presidency.
RHIDF is an upgrade of the Presidential Infrastructure Development Fund initiated by the previous administration.
Adedeji explained that the National Integrated Infrastructure Masterplan estimated Nigeria’s infrastructure expenditure from 2016 to 2040 at $878billion.
The amount, according to him, averages $35 billion annually.
