Senate proposes pension fund for street development
Senators have known as on the Federal Government to think about using cash from the pension fund for the rehabilitation and reconstruction of roads within the nation.
Chairman, Senate Committee on Works, Sen. Adamu Aliero made the decision when he led members of the committee on a courtesy go to to the Akwa-Ibom Governor, Emmanuel Udom on Saturday in Uyo.
The News Agency of Nigeria (NAN) reviews that the roads inspected included the Calabar-Itu street, Construction of Ikot-Ekpene border-Aba-Owerri street amongst others.
According to Aliero, the Federal Government has determined to maybe use the pension fund to reconstruct roads within the nation because the annual budgetary allocation is inadequate to fund the over 522 roads.
He stated that there was a proposal earlier than the National Economic Council, that a part of the fund which was virtually N9 trillion, be utilized in funding infrastructure, significantly roads.
“The use of pension fund is currently under consideration by the three tiers of government and the Federal Government has said it will be floating bond using Nigeria Sovereign Investment Authority (NSIA) or converting the looted funds into the reconstruction and rehabilitation of roads,” he stated
According to him, at any time when the proposal is permitted by the Federal Government, the National Assembly would give it accelerated approval.
“This is because we know that there is a deficit in infrastructural facilities in the country particularly road infrastructure,” Aliero stated.
The chairman stated that the committee was in Uyo to additionally assess the extent of labor executed on the roads and to see whether or not the cash appropriated for the job was justly utilised.
“In doing so we’ll know how ahead significantly as a result of we’ve got scarce sources and we’ve got to prioritise on what ought to be executed.
“Annual budgeting alone will not be enough to fund well over 522 roads we have in the federal government budget,” he defined
Aliero famous that Nigerian roads have been in unhealthy form and wanted to be improved upon to ease motion of products and providers.
“We have seen how bad the roads are; we will do what we have to do to salvage the situation,” he stated.
The lawmaker nevertheless, expressed concern a few contractor within the state who was given N8 billion mobilisation charge, labored for about one month and disappeared for about ten months.
“With proper monitoring and supervision, this kind of thing wouldn’t have happened. We urge you to show more interest on what is going on in the state particularly federal government projects.”
Gov. Udom who was represented by the Secretary to the State Government, Mr Emmanuel Ekuwem stated that the state authorities had intervened within the rehabilitation of some federal roads within the state.
“For instance, the Calabar-Itu highway, all things being equal, plying the road takes one hour if the road is in good shape. Time came last year when we were spending six to seven hours.”
The Governor stated that getting refunds from the Federal Government was a herculean job including nevertheless that, the state authorities was placing the best mechanism in place to get consequence.
“When we did that, we were looking forward to being encouraged by the Federal Government for refund,” he stated.