Osinbajo: FG spent over N8.9trn on infrastructure projects in five years

Vice-president Yemi Osinbajo says the present government has disbursed over N8.9 trillion funds for infrastructural developments across Nigeria as at 2020. 

Osinbajo said this during the inauguration of the 21-storey Dakkada Tower in Akwa Ibom state on Friday.

Over the years, the federal government has increased spending on projects especially for electricity accessibility, such as solar energy and road rehabilitation/construction.

He said the present administration ensured funds were disbursed to cater for infrastructure deployment in the country despite the COVID-19 pandemic.

“We have invested more than any administration on infrastructural development,” Osinbajo said.

“As at last year, we have expended over N8.9 trillion on infrastructure development despite the severe economic meltdown in the country.”

The amount, Osinbajo said it covered spending between 2015 and 2020.

Regarding infrastructure projects in Akwa Ibom, such as the Lagos–Calabar rail project and deep seaport, the vice-president said it will establish the state as a major industrial hub both in Nigeria and West Africa.

He said the industrialisation drive in Akwa Ibom was significantly one of the essences of the federal government’s economic agenda.

According to him, the 21-Storey Dakkada Tower was among the tallest buildings in West Africa.

“This tower is state of the art, with the latest technology, developed for an efficient and smart world.

“I heard that some IOCs have expressed intentions. I am glad to know that the investment in the Dakkada tower was already yielding fruits.”

“My opinion on the 21-storey Dakkada tower is that it complements the government’s effort at creating an enabling environment for investments to thrive in the state.

“It is a catalyst for the private sector, I commend the governor for his industrialisation agenda.”

In his remarks, Udom Emmanuel, Akwa Ibom governor, asked international oil companies (IOCs) to relocate their headquarters to Uyo, the state capital, and secure offices in the 21-storey tower.