FMW, most beneficiary of SURE-P fund - Onolomemen

[The InfoStrides]

The Minister of Works, Architect Mike Onolememen has said that the Federal Ministry of works is the highest beneficiary of Subsidy Reinvestment and Empowerment Programme (SURE-P) intervention fund and has helped to address the large infrastructure deficit in the country.

 

The Minister of Works stated this at the10th annual event of Engineering Forum of Nigerians in UK (EFN) held in Abuja recently, with the theme "Financing Infrastructure Development in Nigeria."

 

Onolememen said that without adequate investment in physical infrastructure such as roads, houses, power and water, which are essential for the growth of our economy, the economy will stagnate.  "The infrastructural deficit is large and exists in almost every sector.   For the road sector alone, we have estimated that in order to adequately support economic growth at current rate and meet vision 20:2020, we need to be investing on construction of at least 14,000 km of new roads annually for the next seven years.  We will also have to maintain and rehabilitate the existing network as a matter of routine;  these will require the average annual  expenditure on roads to increase six fold to nearly 900 Billion Naira"; The Minister stressed.

 

The Works Minister further said that one of the essential ingredients for attracting private finance is the existence of strong institutions that provide the conduit for collaboration as well as buttress investor's confidence.

 

Arch, Onolememen however, recommended the declaration of state of emergency in the infrastructure sector, by establishing infrastructure development fund (IDF).  He also called on the National Assembly to pass appropriate legislation establishing the IDF.

 

The Minister of Works also called for the implementation of the National Integrated Infrastructure Master Plan (NIIMP) from first line charge, over a 10-year period and better corporate governance that requires an amendment to the Company and Allied Matters Act that allows companies to contribute 3 to 5% of their pre-tax income to the IDF.

 

The Chairman of SURE-P, Dr. Christopher Kolade who was represented by Dr. Olu Olasode, however, calls for transparency and accountability for sustainable infrastructural development in Nigeria.

 

Dr. Kolade noted that the EFN has grown to become one of the foremost groups of Nigerian professionals in the United Kingdom and has continued to demonstrate its commitment to the development of Nigeria through engagement with the government, development stakeholder, advocacy and capacity building programmes, such as the annual spring event.

 

He stated that the conference seeks to address the need for the increase in infrastructure due to growing population and the urbanization of towns and cities.

Dr. Kolade said, "The fund available to government, however, cannot keep pace with the growing demands for infrastructure.  This has led to the development of alternative funding mechanism for the provision of public infrastructure"; said, the SURE-P chairman.

 

The president of EFN, Dr. Sunday Popoola in his welcome address said that the event seeks to identity ways to sustain economic growth and competitiveness, bridge emerging markets to developed market, interface business with a small business to mutual benefits and also bridge the private sector to the public sector.

 

According to the Popoola, EFN seeks to provide intellectual and professional food for thought and ideas for action, to serve not just the immediate future, but to build upon success to date and identify ways ahead, to benefit Nigerians in hundred and 200 years' time.

 

The Minister and Deputy Chairman, National Planning Commission, Dr. Shamsudeen Usman, who was represented by Engr. Olugbenga Adebo in his presentation, said that infrastructure is the key driver of economic growth and development.  He called for strong framework for private sector participation to support productive sectors, such as agriculture, oil and gas, mining and manufacturing.

Federal Republic Of Nigeria | nigeria.gov.ng