Babatunde Fashola, minister of works and housing, says the federal government owes contractors N336 billion.
Speaking on Arise Television on Sunday, the minister said only N27 billion has been paid to the contractors so far, while more certificates are piling up for the contracts that have not been paid.
Fashola said 44 roads across the country are undergoing construction with the N162 billion Sukuk bond.
He also called for the reintroduction of tolls on major roads.
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“Our debts as of the end of July, our outstanding and unpaid certificates, for example, were in the area of N336 billion. Now, the release we have from the ministry of finance for the second quarter is N27 billion,” Fashola said.
“Then we have the Sukuk N162 billion. So, if you add that up, we are still way behind and more certificates are piling up for work that we haven’t paid.
“When you divide N162 billion by 44 roads, what is left? That defines where we are in terms of the funding challenge. At this moment, for example, FERMA is going to undertake 192 road repairs and maintenance over the next 12 months.
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“They just sent me the implementation plan on Friday last week and they are good to go.”
In October 2019, the minister had said logistics were being worked out for the return of tolls.
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