According to FERMA, the Federal Road Maintenance Agency, at least N300 billion is required annually for road maintenance.
According to the organization, it intends to look into funding options outside of fiscal constraints.
Managing Director Emeka Agbasi addressed the House Committee on FERMA during a conversation.
He said that the agency’s appropriations were insufficient.
With less than half of the whole budget published thus far, he claimed that the 2023 allotment was significantly less than the necessary goal.
Agbasi reported to the Committee that in addition to the ninety projects the agency had already granted in 2023, there were at least two hundred more in the process of being processed.
The agency completed 79 projects worth N17,144,883,320.78 and 85 road projects worth N132,288,002,695.20. 53 projects involving direct labor cost N3,218,445,391.07.
According to Agbasi, FERMA is looking at multilateral financing from the UK Export Finance Credit Facility (UKEF), Japanese Grant Aid, and the Nigeria Infrastructure Advisory Facility (NIAF).
In addition, he claimed, it was going after cash seized by anti-graft organizations and designated for special intervention through the Natural Resources Fund and Ecological Fund.