Sukuk: Akpabio secures over N10bn for East-West Road

From Aidoghie Paulinus, Abuja 

 

Minister of Niger Delta Affairs, Senator Godswill Akpabio, yesterday, secured the sum of N10.4 billion which would be used to complete the construction work on the East-West Road from the 2021 Sovereign Sukuk Issuance.

Chief Press Secretary to the minister,  Jackson Udom, disclosed this in a statement in Abuja.

He said Akpabio while receiving the cheque from the Minister of Finance, Budget and National Planning,  Zainab Ahmed in Abuja, expressed gratitude for her support towards the ministry and by extension, the Niger Delta.

Akpabio was represented by the Permanent Secretary, Ministry of Niger Delta Affairs, Ardo Babayo.

He said: “Let me acknowledge the support and effort of the Minister of Finance, Budget and National Planning, for the Ministry of Niger Delta Affairs and the people of the region. The Eleme Junction to Onne, a 15 kilometer section of the East-West road was abandoned because of lack of funds and that was why we went to Sukuk through the ministry.

 “We also recall that during the 2021 budget presentation, it was agreed that the Ministry of Niger Delta Affairs will contribute the sum of N10 billion from its N19 billion for capital projects, with the understanding that the Ministry of Finance would add N35 billion and Niger Delta Development Commission, (NDDC) N35 billion, making it N80 billion for the completion and commissioning of that road by President Muhammadu Buhari this year.

 “Before now, the Niger Delta Ministry had mobilised the RCC for necessary repairs on the collapsed portion of the road, as a stop gap measure, for easy vehicular and human movements. The Eleme Junction had to be redesigned to accommodate the Power Station that was not there when the road was contemplated in 2006.

We are here to collect the N10 billion of that money from the Ministry of Finance. We are also waiting for the balance of N25 billion, while the NDDC would remit its own support when its finance improves.  Sometime in October last year, there was a presidential directive that we transfer the road to the Ministry of Works and the Minister.

Niger Delta Affairs, has commenced talks with the Ministry of Works in that regard. Let me also appreciate the effort of the Debt Management Office (DMO). We hope that the outstanding sum of N65 billion will be released in due course,” he said.