Umahi Pledges Focus on Completing Ongoing Projects
The Minister of Works, David Umahi, has declared that the Ministry will not propose any new projects for the 2025 fiscal year. The decision is part of a strategic effort to avoid the proliferation of abandoned projects and ensure the completion of ongoing ones. This announcement was made during a media briefing in Abuja, marking the minister’s first year in office.
Addressing the Funding Gap
During the briefing, Umahi highlighted a significant funding gap of N16 trillion, which affects over 4,000 ongoing projects inherited by the current administration. He emphasized that many of these projects were initiated when the exchange rate was significantly lower, exacerbating the financial challenges due to inflation and currency depreciation.
Prioritizing Existing Commitments
Umahi stressed the importance of completing existing projects before embarking on new ones, unless directed otherwise by the President. He expressed the Ministry’s commitment to ensuring that the Ministry of Finance allocates adequate funds to bridge the existing gap and fulfill the nation’s infrastructure needs.
Impact of Inflation on Project Costs
The minister pointed out that inflation has been a major contributor to the rising costs of these projects. He argued that the decision to halt new project proposals would be in the best interest of the nation, allowing the government to focus resources on completing vital infrastructure.
Collaborating with the Finance Ministry
Umahi revealed plans to work closely with the Ministry of Finance to secure the necessary funding for the ongoing projects. He reiterated that this approach is essential to avoid the abandonment of crucial infrastructure developments across the country
Follow us on Socials: