The House of Representatives has directed its Committee on Works to investigate the allocation and utilization of N1.242 trillion raised through Sovereign Sukuk bonds for federal road projects from 2017 to 2024.
The probe aims to uncover potential cases of fund diversion, inflated contracts, and contractor noncompliance.
The Sukuk initiative, spearheaded by the Debt Management Office (DMO), has financed over 5,800 kilometers of roads across Nigeria, enhancing trade routes crucial for small businesses.
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However, concerns persist over the deteriorating state of road infrastructure, with 70% of Nigeria's 200,000-kilometer road network still unpaved.
Small business owners, particularly those in agriculture and logistics, have been impacted by poor road conditions, limiting access to markets and increasing transportation costs.
The probe's findings could determine whether these infrastructure projects have truly supported economic growth or fallen short due to mismanagement.
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