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By Omodele Adigun
The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has disclosed that the Infrastructure Company Limited (InfraCo) would recoup over N1trillion to be expended on rehabilitation/construction of three roads accros the country through toll.
Emefiele stated this last Wednesday while briefing the press at the end of the Annual Bankers’ Committee Retreat in Lagos.
According to him, InfraCo would facilitate an initial funding of N170 billion for the rehabilitation of Lagos- Ibadan expressway and Abuja-Kano highway as well as the construction of the second Niger Bridge whose entire scope is put above N1 trillion.
He explained that the funds would be recouped through toll.
His words: “In 2022, the Bankers’ Committee will be focusing on supporting the CBN and the Federal Government in developing and reducing the level of infrastructure deficit in the country, realising that there is increasing limited fiscal space to fund capital projects. The president has given approval for the establishment of the Infraco earlier in the year. As we speak, Infraco is already working on three major infrastructure projects in the country– the Abuja-Kano Road; Second Niger Bridge and the Lagos-Ibadan Expressway.
“What Infraco has done was when the Federal Government approached us to provide some kind of bridge funding. The bridge funding is N170 billion provided so that those projects could move on. The entire scope of those three projects, I’m told is slightly above N1 trillion but the numbers are being worked out.
“And I believe by the time the asset managers effectively come on board, the details of those projects and the remaining aspects of those funding would be coming in through debt. And that is where the asset managers would come in with entire scope, and then, we would know the detailed cost of those three projects.”
Emefiele added that the roads, when completed, would be tolled to recoup the money spent as well as for maintenance.
“All of the roads will be tolled. And we know that many other countries in the world, roads are tolled because those projects are commercially viable, they can be refunded with tolls so that maintenance can be done on a regular basis and people will pay for it and enjoy good roads and enjoy good facilities because that’s the only way we can fund the infrastructure of this country, which is the large amount of money needed.”
