OrderPaperToday – Former Minister of Power, Works and Housing, Babatunde Raji Fashola has proposed a N10 trillion infrastructure bond.
Fashola said this on Monday morning when he appeared before the Senate for ministerial screening.
He lamented the paucity of funds which he highlighted as one of the challenges in infrastructure.
Fashola said: “The common problem with roads is always funding. We were forced to make choices.
“In the last 3 years, our resources are not enough to fund our expenditure. No Ministry has received all the resources for it’s budget.”
He informed that in the last four years, the country has been operating deficit budget due to paucity of fund.
To solve this, he advocated an infrastructure bond which will be backed by legislative instrument and Nigerians can invest as low as N1,000.
He said: “There is some opportunity which is to expand instrument like the Sukuk. We should consider something like a 10 trillion infrastrutural bond issued in tranches to fund infrastructure and people can invest to address infrastructural challenges.”
According to him, there is at least one road project in each state while housing projects are ongoing in 34 out of the 36 states of Federation.
He noted that he left the ministry better than how he met it in 2015.
After an hour of screening, Fashola was asked to take a bow and leave the chamber.