Saturday, June 4, 2011

Nigeria needs N8tn to complete ongoing federal projects

3 June 2011

President Goodluck Jonathan yesterday expressed concern at the large number of on-going federal projects all over the country.

The president spoke after the Presidential Projects Assessment Committee (PPAC) led by Ibrahim Bunu, chairman of the committee, presented its report at the State House, yesterday.

PPAC disclosed that the Federal Government is currently executing 11,886 projects at the cost of N7.78 trillion, out of which N2.696 trillion had been paid to contractors.

"The figures represent the total responses received from the ministries, departments and agencies, some of whom for reasons best known to them, failed to respond to the committee's request for data on ongoing projects," Mr Bunu said.

The report also stated that, "reckoned in today's prices and allowing for unreported ongoing projects, the total cost needed to complete all projects may well be as high as N8 trillion".

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