Business
Works Ministry Begs NASS To Increase Budget To N1.5trn
ABUJA —The minister of Works, Sen Dave Umahi has asked the National Assembly to increase the ministry’s 2024 budget to about N1.5 trillion to enable it complete at least 10 selected critical roads and bridges in each of the six geo-political zones of Nigeria.
The minister also asked the Senate and House of Representatives committees on Works to equally support a review of all certified debts to contractors and if possible ,convert same to promissory notes to contractors to enable the ministry focus on using any funds appropriated to pursue the ministry’s set objectives .
Engineer Umahi who stated that out of N383,351,656,449.00 the sun of N184,351,147,332.29 which represents 48.01 percent of the capital allocation in the 2023 leaving a balance of N199,405,010,166.71 to be released, pointed out the need to encourage contractors to key into the Road Tax Credit Scheme to increase the number of private sector interventions .
The minister who appeared before the joint Senate and House of Representatives committees on Works further explained that the monies so far released was utilized for payments of some certified certificates for executed works on roads and bridges by Highway projects of engineering services and common services department .
He explained that as at November 2023 the ministry had an unpaid certificate in the sum of N1,507,873,365,616.02.
Engineer Unahi said the ministry had generated the sun of N723,063,678.62 from January to November 2023 and the sum remitted to the consolidated Revenue Account .
Speaking to the 2024 budget proposal of N657,228,251,596 the minister stated that part of the monies will be used to complete the Lagos-Ibadan expressway substantially completed about 90 percent .
The Abuja-Kaduna -kano road, Zaria-kano road,2nd Niger bridge although completed but needs Approach roads 2a And 2b already awarded awaiting funding will be included in the budget of 2024.
The minister further advised the lawmakers to consider a provision of an emergency fund of about 30 percent of the budget to carter for unforeseen emergencies that regularly occur on the road network especially during raining seasons.
Senator Adams Oshiomhole had challenged the minister and accused of abandoning his core mandate of road construction and delving into road maintenance which is the core mandate of FERMA.
Lawmakers also queried the wisdom in splitting contract sums instead of allocating reasonable monies that will complete big and important projects.
According to Oshiomhole, “the behaviour of the Ministry of works contradicts the renewed agenda of the current administration .
“We have passed resolutions in the Senate about the state of the roads and what we see in this budget simply dashed the hopes of Nigerians.
“As an Engineer will you in true science say a mere N200 million for a federal road in Edo ?
“I have also observed that you are more interested in repairing roads which is not the mandate of your ministry ,this is the mandate of FERMA. Are you constructing roads and not mere repairs ?
“You have paid attention to state roads more than the federal roads as your core mandate and I ask how?
But in his response the minister said ,” I will do state roads when I have the need to do it”.
The minister further explained the policy direction of the ministry to use rigid pavement on her projects.
According to him, “the Ministry’s new policy is to prevent excessive augmentation of contacts considering the scarcity of forex and weakening of the Naira against the Dollar which makes the cost of Bitumen increase in geometric progression against the authentic progression of cement prices in concrete road pavements “.
The Senate has passed two out of four major tax reform bills, marking a significant milestone in the ongoing overhaul of the nation’s tax administration framework.
The two bills, one seeking to repeal the Federal Inland Revenue Service (Establishment) Act and another to establish the Joint Revenue Board (Establishment) Bill 2025 along with the Nigeria Revenue Service Bill 2025, were passed following a clause-by-clause consideration during the Committee of the Whole and their subsequent third reading on the Senate floor.
President Bola Ahmed Tinubu had in October 2024 transmitted the four tax reform bills to the National Assembly for consideration and passage.
However, the Senate President, Godswill Akpabio, commended the progress, expressing optimism that the reform bills would not only enhance governance but also revolutionise tax collection and distribution across the country.
“These bills will add immense value to governance and transform how taxes are collected and shared in Nigeria,” he said.
He further assured that the remaining two bills would be finalised tomorrow (Thursday), even if it required extended sitting hours.
“We are committed to concluding the outstanding bills tomorrow, even if we have to stay here until 10 p.m.,” Akpabio said.
Abubakar Kyari, minister of agriculture and food security, says Nigeria has lost over N1.3 billion to the outbreak of Tuta absoluta, a tomato-destroying pest commonly known as tomato ebola, in three states.
Speaking on Wednesday at a capacity-building workshop for financial institutions in Abuja, Kyari said the losses were recorded in Kano, Katsina, and Kaduna states.
He said the outbreak had triggered a sharp increase in the price of tomatoes — with the cost of a 50-kilogram (kg) basket rising from N5,000 to as high as N30,000 — further compounding food inflation and putting pressure on household budgets.
The minister described Tuta absoluta as a fast-spreading invasive pest capable of wiping out entire tomato fields within 48 hours, stressing that the incident exposed the vulnerability of the country’s horticultural systems.
According to Kyari, the crisis underscores the pressing need for effective pest control measures, investment in resilient crop varieties, and stronger support systems for farmers to protect Nigeria’s food supply chains.
“Tomatoes and peppers, essential ingredients in virtually every Nigerian kitchen, serve as baseline commodities for daily cooking,” he said.
“When the prices of these staples spike, they set off a chain reaction that affects the cost of meals across homes, restaurants and food vendors.
“According to the 2024 National Bureau of Statistics (NBS) tomatoes led the food price index with a staggering 320 per cent year-on-year increase, followed by peppers and other produce.
“These spikes disproportionately affect low-income households, underlining the urgent need for more stable production, better storage and accessible finance across the horticulture value chain.”
Kyari described horticulture as the “sleeping giant” of Nigerian agriculture and called for urgent efforts to unlock its full potential through sustainable financing.
He explained that horticulture — which includes the cultivation of fruits, vegetables, herbs, spices and ornamentals — holds far-reaching benefits beyond food production.
The minister said it is a dynamic engine for rural transformation, job creation, improved nutrition and trade diversification.
”With increasing urbanisation and growing awareness of healthy diets, consumer demand for fresh and diverse produce is rising rapidly. Horticulture is well-positioned to meet this demand,” he added.
Despite the challenges in the horticulture sector, Kyari said it remains one of the most promising frontiers for agricultural transformation, offering higher value per hectare, shorter production cycles, and multiple annual harvests ideal for smallholder commercialisation.
He added that the sector offers high employment potential throughout the year, particularly for women and young people, and is closely connected to processing, packaging, retail, and export markets.
“The sector also offers climate resilience through protected cultivation and irrigation systems, urban food access through peri-urban farming and logistics integration,” he said.
“Horticulture is a high-impact, high-return opportunity sitting at the intersection of agriculture, health, industry, and trade.”
The minister outlined the sector’s major contributions to Nigeria’s agricultural transformation, including the diversification of production and income sources, improved food and nutrition security, and job creation with youth involvement.
Kyari also highlighted its role in reducing import dependence, boosting export potential, enhancing climate resilience, and strengthening access to urban markets.
“Crops like tomatoes, pineapples, cucumbers, citrus and plantains have huge domestic demand and are increasingly becoming important commercial crops,” Kyari said.
“On food and nutrition security, horticultural crops are rich sources of vitamins A, C, iron, zinc, and folate nutrients vital for child development, maternal health and disease prevention.
“Scaling up their production and affordability is key to ending malnutrition in all its forms.”
Kyari urged financial institutions to better understand the horticulture value chain — from seed to shelf — and to move beyond generic lending and develop tailored products that aligned with the specific stages of the value chain.
The minister also urged them to develop fit-for-purpose financial products, including seasonal credit lines, equipment leasing, invoice discounting, and trade financing.
The naira yesterday depreciated to N1, 610 per dollar in the parallel market from N1,605 per dollar on Tuesday.
Similarly, the Naira depreciated to N1,612 per dollar in the Nigerian Foreign Exchange Market (NFEM).
Data published by the Central Bank of Nigeria, CBN showed that the exchange rate for the naira rose to N1,612 per dollar from N1,609 per dollar on Tuesday, indicating a N4 depreciation for the naira.
Consequently, the margin between the parallel market and NFEM rate narrowed to N3 per dollar from N4 per dollar on Tuesday.