We’ve spent N8.9trn on infrastructure, capital-Osinbajo

Motolani Oseni

The Vice President, Prof. Yemi Osinbajo, has declared that the federal government under the President Muhammadu Buhari’s led administration has spent about N8.9 trillion, a record sum, on infrastructure and capital alone since its inception.

To this end, the Vice President, therefore, encouraged state governments in the country to follow suit, because such spending on infrastructural development would not only help position the States to become major industrial hubs but also yield multiplier economic benefits, while at the same time attracting more investors from around the world.

Osinbajo made these disclosures in Uyo, the Akwa Ibom State capital, when he flagged off the construction of a housing estate and commissioned the Dakkada Tower as part of activities marking the 34th Anniversary of the State’s creation.

The Vice President observed that the focus of the Akwa Ibom State government on infrastructure development is significantly in sync with the centrepiece of the Federal Government’s economic agenda.

According to him, as you are aware, since the inception of our administration Mr President has prioritised the development of infrastructure: roads, rail, power and broadband; and despite the severe economic headwinds we have experienced in the past 6 years, we have invested more than any other administration in infrastructure.

“As of last year, we had expended over N7.6 trillion on infrastructure alone (and about N8.9 Trillion on the entire capital expenditure).”

Speaking further, Prof. Osinbajo stated that “just last month, the Federal Executive Council approved the Lagos Calabar rail project, which will pass through Uyo as a major station, and at the end of last year, FEC also approved the full business case for the Ibom deep seaport. These infrastructural developments are set to establish Akwa Ibom as a major industrial hub, not just in Nigeria, but in the West African sub-region.”

On building infrastructure to serve the populace, the VP noted that the Buhari administration’s mass social housing programme under its Economic Sustainability Plan is one aspect of how the Federal Government is investing in infrastructure to create jobs and unlock capital for individual and corporate prosperity.

He, then, stated that the Ibom Luxury Estate, the new Akwa Ibom housing estate is also strategic as investors from around the world and management of industry and businesses that will be attracted to the State will want good world-class accommodation.

“They will want a safe environment to raise their families; the Ibom Luxury Estate is the answer to that need.

“There are also, of course, the multiplier economic benefits of housing projects. Housing projects create several direct and indirect jobs, and frankly, aside from the provision of decent shelter, it is an important job creator. So, this project will provide several jobs during and post-construction, coupled with property taxation, which will form additional streams of revenue for the State’s coffers.

“Which is why as part of our Economic Sustainability Plan, we have our mass social housing programme. This is part of our jobs for houses programme, which is run by the Family Homes Fund, where we intend to build 300,000 housing units across the country. We intend to use local materials, builders and artisans in every State”, he said.