Minister of Works, David Umahi, has announced that the Ministry will not propose new projects for the 2025 fiscal year. This decision aims to minimize or eliminate abandoned projects. Umahi cited a N16 trillion funding gap for over 4,000 ongoing projects inherited by the current administration.
During a media briefing in Abuja, Umahi stated that the Ministry will focus on completing existing projects rather than initiating new ones. He emphasized the need to address the funding gap and inflation’s impact on project costs.
Key points:
- No new projects proposed for 2025 fiscal year
- Focus on completing existing projects to minimize abandoned projects
- N16 trillion funding gap for over 4,000 ongoing projects
- Projects inherited by the current administration, with some awarded when naira was exchanged for N150 to $1USD
- Inflation significantly contributes to rising project costs
Umahi’s decision prioritizes completing ongoing projects, addressing the funding gap, and managing inflation’s impact on costs. This approach aims to ensure efficient use of resources and minimize abandoned projects.
