Minister for Power, Works and Housing Babatunde
Fashola said yesterday in London that the government had paid contractors
N63.16 billion ($200 million) to finish delayed infrastructure projects, in an
apparent bid to ease fears over the future of the schemes meant to boost the
economy, Vanguard.
Work on a series of road, power and other
programmes had slowed or halted as the government struggled to make payments,
amid delays in passing the national budget and foreign currency shortages. But
the comments will come as a relief to contractors, many of whom were not paid
for months. They will also signal to foreign investors that there is some
movement in the supply of money, which has been problematic over much of the last
year due to foreign currency curbs introduced to conserve forex supplies.
He said;
“In terms of power, there are transmission programmes and projects
that have been awarded but have not been funded, so let’s finish those first,
they are easier to deliver rather than designing and starting new ones.”
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