The Council for the Regulation of Engineering in Nigeria on Monday disclosed that Nigeria required about N3tn to address the massive road infrastructure deficit in the country.
COREN President, Mr. Kasim Ali, stated this in Abuja at the Public Hearing organised by the House of Representatives Committee on Works.
The hearing was on the repeal of the Federal Roads Maintenance Agency Act 2002 and on Federal Roads Authority Bill, 2016 and National Roads Fund Establishment Bill.
According to him, this warrants the need for private sector funding.
“The fund which is expected to be sourced from capital market, inject the sum of N300 billion, is expected to be generated yearly from user charges through commuter contributions and other charges for road maintenance.”
On his part, the Chairman, Board of Nigerian Economic Summit Group, Mr. Kyari Bukar, who put the value of Nigerian road assets at N4.57tn, said that about N500bn was spent yearly on operating cost.
He also decried that 10 hours man-hour loss estimated at N1.02tn was incurred yearly due to the poor conditions of Nigerian roads.
Earlier, the Chairman of House Committee on Works, Rep. Toby Okechukwu, urged stakeholders to make informed inputs that would enable the house to come out with an implementable law.
He added that such law would assist the nation in putting its road network in shape.
The Speaker of the house, Mr. Yakubu Dogara, who declared the hearing open, said that the bills were long overdue and expressed the determination of the house in enacting laws that would stand the test of time.
Dogara, who was represented by the Deputy Leader of the House, Rep. Buba
Jibrin, noted that a road fund was imperative in view of the deplorable nature of federal roads.
COREN President, Mr. Kasim Ali, stated this in Abuja at the Public Hearing organised by the House of Representatives Committee on Works.
The hearing was on the repeal of the Federal Roads Maintenance Agency Act 2002 and on Federal Roads Authority Bill, 2016 and National Roads Fund Establishment Bill.
According to him, this warrants the need for private sector funding.
“The fund which is expected to be sourced from capital market, inject the sum of N300 billion, is expected to be generated yearly from user charges through commuter contributions and other charges for road maintenance.”
On his part, the Chairman, Board of Nigerian Economic Summit Group, Mr. Kyari Bukar, who put the value of Nigerian road assets at N4.57tn, said that about N500bn was spent yearly on operating cost.
He also decried that 10 hours man-hour loss estimated at N1.02tn was incurred yearly due to the poor conditions of Nigerian roads.
Earlier, the Chairman of House Committee on Works, Rep. Toby Okechukwu, urged stakeholders to make informed inputs that would enable the house to come out with an implementable law.
He added that such law would assist the nation in putting its road network in shape.
The Speaker of the house, Mr. Yakubu Dogara, who declared the hearing open, said that the bills were long overdue and expressed the determination of the house in enacting laws that would stand the test of time.
Dogara, who was represented by the Deputy Leader of the House, Rep. Buba
