Minister of Power, Works and Housing, Babatunde Fashola, said Nigeria needs at least N10 trillion bond to develop key infrastructures such as roads and power.
Fashola gave the insight on Tuesday during a budget defence session with the House of Representatives Committee on Works, chaired by Toby Okechukwu (PDP, Enugu).
The minister, who was reacting to questions by members of the Committee over failing roads in Nigeria, noted that funding remains a major constraint behind road construction and maintenance.
He said only a long-term infrastructure bond, backed up with a viable legislative framework, would take care of failing infrastructure in the country, and thus drive critical aspects of the economy.
He also advised for caution in the application of the Road Fund Bill, recently signed by President Muhammadu Buhari, so as not to “raise expectations above realities.”
“I want to say that Nigeria needs N10 trillion infrastructure bond, through legislative approval, to effectively fund our roads and power,” he said.
Earlier, Rep Okechukwu had said the Road Fund Bill provided a take-off point for road funding initiative in Nigeria.