The Federal Government, under the Ministry of Works, has announced the availability of N431 billion in funds for contractors.
Minister of Works, David Umahi, made this revelation during a meeting with contractors responsible for road dualisation projects and zonal directors of the ministry in Abuja.
Umahi also shared plans to prioritize the development of dualized roads across the nation.
NNPC funding road projects until 2025
He emphasized that Nigerian National Petroleum Corporation (NNPC) is contributing 50% of the contract sum, with funding secured until 2025.
Umahi introduced a performance bond to guarantee new projects for a period of 10 years.
Contractors were urged to submit claims promptly and adhere to quality standards, as the ministry aims to enhance road durability and safety.
Umahi emphasized the importance of concrete technology in road construction and called on contractors and stakeholders to support the government’s ‘Renewed Hope Agenda.’
He also expressed concern over contractors inflating contract sums, leading to payment delays.