Against the backdrop of the dearth of critical infrastructure across the country, the plan by the Federal Government to float a N15 trillion infrastructure fund is ambitious but nonetheless a step in the right direction.

Besides the need for a careful articulation and implementation of the proposal, it may very well be a good opportunity to formulate an infrastructure policy that can serve the rigour of time and institutionalise correction of the many flaws afflicting the country’s infrastructure system. The system, if it can be so-called, certainly deserves a new lease of life.

 

All over the world, no country attains great height without alluding to its infrastructure. Nigeria cannot be an exception to success without an infrastructural base; nor can she afford to keep losing opportunities due to lack of good roads, functional railway and metro system as well as efficient electric power supply.

 

The nation has no doubt wasted substantial human and material resources due to care-free and corrupt attitude embedded in the average citizen and public official.

 

No doubt, the country needs critical infrastructure to boost the economy.

 

Government proposal regarding infrastructure fund is far from being concrete but it is gladdening all the same that the Federal Government reportedly commenced moves to create an Infrastructure Company (InfraCo) Fund, in collaboration with the Central Bank of Nigeria (CBN), Nigerian Sovereign Wealth Investment Authority (NSIA) and other stakeholders, to bridge the nation’s infrastructure gap. The presidency should walk its talk.

 

President Muhammadu Buhari disclosed this in a speech delivered virtually on his behalf by Vice President Yemi Osinbajo at the opening session of the 26th Nigerian Economic Summit Group (NESG) conference in Abuja. He stated: “I am pleased to inform you in this regard that we are working actively with CBN, Nigerian Sovereign Wealth Investment Authority and state governments under the auspices of the National Economic Council (NEC) to design and put in place a N15 trillion InfraCo Fund, which will be independently managed.”

 

It is expected that the InfraCo Fund will help to close the national infrastructure gap and “provide a firm basis for increasing national economic productivity growth.” For a start, the plan, laudable as it is, needs a workable framework followed by diligent and patriotic implementation devoid of selfish and political manoeuvring.

 

For decades, lack of critical infrastructure has caused a regression in the country’s development. A flawed structural and administrative arrangement, unfortunately, is partly responsible for the ugly situation.

 

Roads are left to depreciate no sooner than they are commissioned. The proposed system, if well implemented, can bring about a paradigm shift, whereby, roads would be managed like any other economic asset for value addition. That would improve the condition of the roads and enhance the national economy. A situation where the issue of maintenance is excluded from road development contracts is unhealthy for the country.

 

The country needs investment in infrastructure. Over the decades, the amount of investment on roads and railway projects is not commensurate to the boost in economic activities. There is lopsidedness in the so-called ownership of roads such that while only the Federal Government can maintain some roads, notwithstanding that the roads pass through states and are used mostly by locals, states have responsibilities for other roads. Sometimes, there is contention over who should maintain which roads, and these are all reflected in the national revenue allocation formula

 

Some states are compelled to rehabilitate dilapidated federal roads in their jurisdiction and then face a herculean task to get a refund.

 

There is therefore need to consider going back to history when the regions maintained their roads through the county councils while the Federal Government handled its trunk roads. That same system should be reinvented with some modifications.

 

The three tiers of government – federal, state and local councils, should have clearly defined role as far as roads are concerned; and the arrangement should attract mutual respect, particularly in terms of funding. That is one way that roads can be made to avoid gross dilapidation.

 

Being the cheapest form of transport, the railway is needed to reduce road carnage. Bulk cargo is better hauled via the railway to save the roads. Rapid dilapidation of the country’s road network is largely a result of heavy trucking instead of through the railway. It is high time standard railway gauge is introduced on all routes, even if it is done gradually.

 

Perhaps, one way of handling these challenges is to decentralize the railways and allow states to invest in it, in collaboration with other states and the Federal Government. Not long ago, the Lagos State Government and O’dua Investment expressed interest in rail transport but were refused participation because of the extant NRC Act of 1955, which confers absolute monopoly right on the Federal Government and forbids private sector participation in railway service delivery.

 

A repeal of the Act would open the way for the private sector. There is always room for public-private partnership in this concept. For instance, government may retain ownership of the rail lines while the private sector provides the services. It is incumbent on the National Assembly to assume relevance in the proposed arrangement; repeal the colonial Railway Act and create room for a modern railway development as a way of boosting the country’s infrastructure and economy.

704 thoughts on “FG Proposed ₦15 Trillion Infrastructure Fund”
    1. We’re those money coming from 🤴😤😖😤😔🤑😤😤😔😤😖😲😔😢😬😔😢😖😢😖😬😖😬😤😖😟😟😖🤯😖🤯😖😟😟😖😤😖😤

  1. Before You Criticise Trump And Say He Will Go To Jail, Kindly Consider Your Own Pitiful Condition – FFK Tells Nigerians
    January 8, 2021 Climaxtrend

    Femi Fani-Kayode has come hard on Nigerians who are anti-US President, Donald Trump.

    Following the Wednesday, January 6 invasion of Capitol Hill by Trump supporters, some Nigerians and other global citizens calling for the arrest and prosecution of President Trump immediately after he hands over to president-elect, Joe Biden, on January 20.

    FFK in a piece shared this morning lashed out, saying before such a group of Nigerians demand that Trump be sent to jail, they should kindly consider their own pitiful condition and ”the insensitive and evil disposition of their your own President and condemn and criticize him first”. He asked them to stop ”whining” about Trump if they cannot condemn their own President.

    Read his piece below:-

    TO THOSE WHO SAY TRUMP WILL GO TO JAIL

    You keep screaming “Trump will go to jail! Trump will go to jail!”

    You even went as far as to boastfully proclaim that,

    “Trump is shameless and he will spend the rest of his life in prison!” and that “he’s fighting for his life, but it is too late!”.

    Your dark heart, sheer cruelty and sadistic disposition and your hateful, uncouth, unlettered and ignorant assertions never cease to amaze me!

    Frankly I do not know whether to laugh or cry!

    Meanwhile you do not have the guts to say that the tyrant and psycopath that has turned you into a slave in your own country, that is ruling and killing you and your people, that has turned you into the poorest and most wretched people in the world, that has transformed your nation into the biggest banana republic and joke on the African continent, that has destroyed your future, that has taken away your peace, that has buried your joy and that has stripped and robbed you of all your glory, honor, self-respect and dignity will even miss a heartbeat for his heart-wrentching and barbaric atrocities let alone go to jail.

    The brave one that jumped the gate and stormed the National Assembly with others a few years ago did not go to jail but is now your Speaker of the House of Representatives.

    The couragrous ones that manned the ramparts during the Endsars protests did not go to jail but are now your heroes.

    The angry ones that marched the streets and protested against Goodluck Jonathan did not go to jail but are now your rulers.

    The murderous ones that ordered the attacks on the Endsars protesters did not go to jail but are now the pampered.

    The barbaric ones that steal your land, rape your women, kidnap your children and slaughter your loved ones do not go to jail but are now the favoured.

    The senile one that hates you with a pathological hatred and that concurs with foreign leaders that you are “fantastically corrupt” and that you are “lazy and idle youths” did not go to jail but now holds the levers of power in your country.

    None of these ones must go to jail!

    Only Trump that must go to jail.

    You are sick and cowardly.

    Before you earn the right to condemn and criticise Trump and say he will go to jail, kindly consider your own pitiful condition and the insensitive and evil disposition of your own President and condemn and criticise him first.

    If you cannot do that then just shut up and stop whining about Trump or wishing him evil.

    Send your own leader to the International Criminal Court (ICC) for crimes against humanity, arrest all those that committed genocide, ethnic cleansing and mass murder over the last sixty years, apprehend all those that committed treason and executed a military coup d’etat against a democratically-elected Government, bring to justice all those that killed innocent civilians during peaceful protests, capture all those that slaughtered IPOB youths over the last five years, cage all those that committed acts of terror and murdered three million Igbo civilians during the civil war, pu

  2. Please everyone climax trend is nothing but scammer is not paying again have been withdrawing for past 2 month now yes have not seen the alert if you think am lieing message me on WhatsApp 07083470255

  3. Against the backdrop of the dearth of critical infrastructure across the country, the plan by the Federal Government to float a N15 trillion infrastructure fund is ambitious but nonetheless a step in the right direction.

    Besides the need for a careful articulation and implementation of the proposal, it may very well be a good opportunity to formulate an infrastructure policy that can serve the rigour of time and institutionalise correction of the many flaws afflicting the country’s infrastructure system. The system, if it can be so-called, certainly deserves a new lease of life.

  4. The Chairman of the Nigeria Governors Forum, Kayode Fayemi, disclosed this to State House correspondents on Friday after a meeting he had with the President, Major General Muhammadu Buhari (retd.), at the Presidential Villa, Abuja.

Leave a Reply