Lack of funding stalling infrastructural projects – Fashola

The Minister of Works, Power and Housing, Babatunde Fashola, yesterday attributed the slow pace of ongoing infrastructural projects in the country to lack of funding.

He was speaking at the closing ceremony of a fourday workshop programme for federal controllers (Housing) in Ilorin, Kwara State.

“You’ve heard about funding, you’ve heard the minister of Finance and then the National Assembly. You’ve heard everybody saying we are borrowing too much, you’ve everyone saying that the money is going to capital projects. You’ve heard everybody saying we need to increase our revenue base and look at so many things and some people disagree. So, we have to find consensus where to find money. It’s money.

“The major problem we have with infrastructure generally is regular funding and sustained funding. So, those who say we should not borrow should find alternative answer to where we get the money. Those who don’t support borrowing are they ready for increased taxes? On the one hand, they are saying that in order to drive the economy, government must reduce taxes or corporate taxes or individual taxes. It’s a chicken and egg thing really. Where do we get the money?

“It’s not from president Buhari salary or NASS salary. We are talking of quantifiable substantial amount of billions of naira, hundreds of billions of naira to spend to pay because that’s how you move money round an economy,” he said.

He dismissed insinuations that Nigeria had 20 million housing deficit.

Fashola said the ministry had removed the mandatory 10 percent equity contribution before accessing loan from the National Housing Funds.

He also stated that before the privatization, the ministry of power had over 50,000 staff, but now, 779.