Mr Babatunde Fashola, Minister of Works and Housing, revealed during an interview on Sunday that the Federal Government is owing contractors N336 billion.
However, he pointed out that the Ministry of Finance had released N27 billion for the second quarter, and N162 billion is available from Sukuk bond. These two funds amount to N189 billion and are still not enough to cover the outstanding debts. Besides, the debts are accumulating as more contractors are submitting certificates for jobs done.
He also disclosed that some private organisations and individuals, for example, Dangote, is utilizing the Road Infrastructure Tax Credit opportunity to construct roads in exchange for tax relief.
About 192 road repairs and 37 bridges are undergoing repair and maintenance which would span a duration of a year, and the government is considering partnerships with the private sector.
