Funding is major problem in road construction — Fashola

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Immediate past minister of power, works and housing, Babatunde Fashola, has said that funding is a major factor that limits the completion of strategic road projects across the country.

Mr Fashola said this on Monday during his screening as a ministerial nominee before the Senate.

The former Lagos State governor said the limited budget allocation for execution of critical infrastructure had resulted in government borrowing from multilateral corporations to fund the budget.

He said it was important to explore other means of funding like raising infrastructure bond up to the tune of N10 trillion where Nigerians could also subscribe to the bond for critical infrastructure in the country.

The two-term Lagos governor said in spite of the challenge of funding, his team had left the power, works and housing sectors better than they were in 2015.

Fashola said the ministry had secured the release of 720 stranded containers containing transmission equipment.

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