The Minister of Niger Delta Affairs, Senator Godswill Akpabio, has secured a N10.4 billion bond from 2021 Sovereign Sukuk Issuance for the construction of East-West Road.
The road awarded more than 20 years ago spans five states in the South South Region of the country.
Speaking at the cheque presentation ceremony in Abuja, Dr (Mrs) Zainab Shamsuna Ahmed, Minister of Finance, Budget and National Planning, said, “Today’s event of N250 billion disbursement is the fourth in the circles since 2017 that the special funding for reconstruction, rehabilitation of roads and other key infrastructure as directed by President Muhammadu Buhari.
”I acknowledge the support of the various chambers of the National Assembly to the success of this event of today,” Ahmed said.
Earlier, Senator Akpabio, had thanked his Finance counterpart for her support for the Ministry and by extension, the Niger Delta Region.
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Akpabio who was represented by Permanent Secretary in the ministry, Dr Ardo Babayo, noted “Let me acknowledge the support and effort of the Hon. Minister of Finance, Budget and National Planning, for the Ministry of Niger Delta Affairs and the people of the region.
”The Eleme Junction to Onne, a 15-kilometer section of the East-West was abandoned because of lack of funds and that was why we went to Sukuk through the Ministry.
“We also recall that during the 2021 budget presentation, it was agreed that the Ministry of Niger Delta Affairs will contribute the sum of N10 billion from its meagre N19 billion for capital projects, with the understanding that the Ministry of Finance would add N35 billion and Niger Delta Development Commission (NDDC) N35 billion, making N80 billion for the completion and commissioning of that road by President Muhammadu Buhari this year 2022.”
“Before now, the Niger Delta Ministry had mobilised the RCC for necessary repairs on the collapsed portion of the road, as a stop gap measure, for easy vehicular and human movements. The Eleme Junction had to be redesigned to accommodate the Power Station that was not there when the road was contemplated in 2006,” he stressed.
According to him, “We are here today to collect the N10 billion of that money from the Ministry of Finance, we are also waiting for the balance of N25 billion, while the NDDC would remit its own support when its finance improves”
“Sometimes in October last year, there was a presidential directive that we transfer the road to the Ministry of Works and the Minister, Niger Delta Affairs, has commenced talks with his Works counterpart in that regard. Let me also appreciate the effort of the Debt Management Office (DMO). We hope that the outstanding sum of N65 billion would be released in due course,” he stated.
