No new projects will be initiated in the 2025 fiscal year, the Minister of Works, David Umahi said on Thursday.
With over 4,000 ongoing mostly inherited projects and a N16 trillion funding deficit, the minister said the aim was to minimise or eliminate the occurrence of abandoned projects.
Umahi spoke in Abuja at a media briefing, marking his first year in office.
“We will not propose new projects for the 2025 fiscal year unless otherwise dictated by Mr President.
“I’m going to tell the Ministry of Finance to provide funds for us to complete ongoing projects.
“Right now, we have over 4,000 ongoing projects and a funding gap of N16 trillion, most of them were inherited by this administration.
“Some of these projects were awarded when the naira was exchanged for N150 to $ 1 USD,” the minister said, adding that inflation had contributed significantly to the rising cost of most of the projects.
