APC To Establish Infrastructure Bank For Contractors

The presidential candidate of All Progressive Congress (APC), Alhaji Ahmed Bola Tinubu, has promised the construction industry in Nigeria an infrastructure bank to enable them access funds easily. This is as the Minister of Works and Housing, Mr Babatunde Fashola disclosed that he inherited a budget of N18.132 billion to construct Nigerian roads.

Tinubu made the promise in Abuja at a Stakeholders Consultative session with the Federation of Construction Industry (FOCI) in Nigeria.

He said that he was going to establish a funding instrument that has 30-year tenor.

“We will do it. Get that assurance from me because I know how to do it” he promised.

On insecurity, Asiwaju promise to make it a priority in his government, saying that his government will use technology and every means necessary to arrest insecurity in Nigeria.

“We will strengthen our security. I cannot spell out in full details here some elements of our secrecy and strategy. But every inch of this country, you are not the only ones that cry security. We, as a government will take it as a number one item. We will employ all means necessary, including using technology to fight insecurity. I am assuring you we will make it a priority” he assured.

Earlier, the Minister of Works and Housing, Mr Babatunde Fashola said that his administration inherited N18.132 billion budget from the previous government saying that the Buhari administration has taken the budget to N372 billion in 2022.

“From N18 billion, the next budget of this government was N260 billion and the following one N274 billion. Then N356 billion. Then N223 billion; N241billion. And N372 billion in 2022. That’s not all. There is a presidential infrastructure development fund. In addition to that there is the sukuk. Then there’s the tax credit” he said.

According to him, as at 2015, companies were laying off staff because of lack of jobs but that’s a far cry from what is happening now.

Addressing the contractors, he said: “Shortly before I became your minister I was the governor of Lagos State. I saw that certain things were moving in the economy. There was a disinvestment that was going on and I called a few of you and I am not going to name them.
“I called five companies and I spoke to them and asked what is happening?

“Company one was telling me that their staff strength reduced from 1,800 to 1,250. The expatriate staff reduced from 500 to 250. Their senior staff reduced from 550 to 300.

“Company two, their local staff reduced by half. From 3,000 to 1,500 and their expatriates from 100 to 50.

“Company three. The total staff strength was 2,500 but they have reduced to 1,100

Company four. Their local staff reduced from 4,500 to 3,000 and foreign staff from 250 to 100” he explained, appealing to them to vote wisely in the forthcoming elections.