BREAKING: Tinubu's Minister Reveals $35Bn Needed, Gives Details

BREAKING: Tinubu's Minister Reveals $35Bn Needed, Gives Details

  • President Bola Tinubu's work minister, David Umahi, has said that the federal government needed $35bn to start concrete roads nationwide
  • The minister, during his meeting with his counterpart in the Ministry of Steel and Development, Shuaib Audu, said 16% of the steel material would be gotten from Ajaokuta
  • Umahi added that the projects would be funded through a commercial bank while awaiting the approval of the Federal Executive Council journalist Bada Yusuf is an accomplished politics and current affairs editor, boasting over seven years of experience in journalism and writing.

FCT, Abuja - President Bola Tinubu's minister of works, David Umahi, has disclosed that the federal government will need $35bn to commence the construction of concrete roads across the country.

According to The Punch, Tinubu's minister also disclosed that the moribund Ajaokuta steel company will get 16% of the steel material it would need for the construction of the concrete roads pavement nationwide.

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David Umahi/Ajaokuta/Shuaib Audu/Bola Tinubu
Umahi speaks on $35bn needed to commence construction of concrete roads Photo Credit: Bola Ahmed Tinubu, David Umahi
Source: Twitter

This resolution was reached when Umahi met with his counterpart in the Ministry of Steel and Development, Shuaib Audu, at the headquarters of the ministry in Abuja on Tuesday, November 21.

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How Tinubu's minister plans to generate $35bn to construct concrete roads

Orji Uchenna, the chief press secretary to Umahi, in a statement on Tuesday, noted that the meeting centred on the importance of coordination, cooperation and coherence in the realisation of the action plans of the federal government for national growth.

The statement maintained that the funding of the projects would be gotten via a partnership with a commercial bank after the Federal Executive Council assented to it.

Umahi's statement partly read:

“We need about $35 billion to start. If we start waiting for FG it might become difficult. We did an analysis on the Return on Investment and the profit we could have made, part of it will go to bank interest. We are looking at a partnership with a commercial bank but Federal Executive Council has to endorse it."

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Drama as protesters lock Umahi in his office earlier reported that drama erupted on Thursday, September 28, as staff were locked out by the minister of works, Dave Umahi.

The minister was said to have prevented workers who came to work late from gaining access to the ministry.

However, after the gate was opened, the workers, comprising the Housing and Works Ministry, refused Umahi entry into his office.


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