According to the 2016 budget proposal the Nigerian Government submitted to the National Assembly (NASS), new electricity projects are estimated to cost about N20.6 billion.
About N57.7 billion will be spent on the construction of houses, N86.6 billion on new roads and N256 million on railway projects
Among the projects are rehabilitation of the Lagos/ Sagamu/Ibadan dual carriage way, sections 1 & 2 (N66 billion); rehabilitation of Third Mainland Bridge and underwater works (N34.2 billion) and repair of Enugu/Port Harcourt dual carriage way sections 1,2,3 & 4 at (N13.2 billion).
The Ministry of Power, Works and Housing’s N282.4 billion capital budget, N165.3 billion will be spent on new projects, a document has shown by the Nigerian Government.
The cash will be spent on construction of roads, provision of houses, electricity and railway.
The Minister, Babatunde Fashola, during his maiden media conference, spoke of massive roads construction, especially those that will connect the states and those that would promote the economy.
There are also plans to build houses, especially in partnerships with states. Thus, about 1973 blocks of 7068 housing units will be built in the geopolitical zones and the Federal Capital Territory with the N57.7 billion.
The Nigerian Government has committed about N117.1 billion to repairs and rehabilitation of existing projects.
Aside, the ministry is expected to repair defense equipment, military barracks and air navigation equipment.
According to the budget, about N111.7 billion is for road repairs, N601.2 million will be spent on railway rehabilitation and waterways repair will cost N2.5 billion.
Other rehabilitation projects listed in the ministry’s project include airport/aerodromes (N634.9 million), defence equipment (N650 million), recreation facilities ((N377.2 million), air navigational equipment (N292.3 million) and Defence barracks (N367.7 million).
There are also the rehabilitation of Apapa-Oshodi Expressway (N4 billion), Construction of new access roads to Apapa/Tin can NNPC depots, Atlas cove to Mile 2 at N1.3 billion, among others.
The Nigerian Government said to be owing contractors over N250 billion. It was gathered that if the ministry is to pay the outstanding debts from the new budget, it will be little to spend on completing old projects much less embark on new ones.
As for projects completed but awaiting payments, the following sum has been allocated for major economic routes: Onitsha and Enugu (N173.4 million), Onitsha and Owerri (N102.8 million), major link between Lagos and Ogun states (N115.9 million).