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N14trn debt inherited from Buhari’s administration, over 2,600 road projects-Umahi
The Federal Government said this weekend that the present administration inherited about N14 trillion debt on 2,604 roads of 18,000 kilometres from the Muhammadu Buhari administration.
Minister of Works, Senator Dave Umahi, disclosed this while briefing State House correspondents after his maiden briefing session with President Bola Tinubu at the Presidential Villa, Abuja.
The minister also revealed that President Tinubu and the Chairman and CEO of BUA Cement met and and reached an agreement to crash cement price in the country.
Senator Umahi further disclosed that he sought the approval of the President to terminate some of the projects that had stayed up to 10 years without any defined source of funding.
He said the government would redesign yet-to-be-completed road projects to concrete pavements, adding that using cement for roads was more reliable and cost-effective than the widely-used bitumen, insisting that it could last for 50 years.
According to him, “the ministry inherited a total of 2,604 projects, worth N14trillion and for 18,000 kilometers of road, that’s what we had.
The minister explained that since assuming office on August 21, his ministry had paid N4 trillion of the N14 trillion owed contractors constructing various road projects nationwide.
He said: “Between when we came on board and now, about N4tn has been paid. And so that is a balance of N10tn remaining.”
Senator Umahi, who is the immediate past governor of Ebonyi State, said road projects that had lingered for about two decades were never appropriated and, therefore, would have to be terminated at his behest.
He said although the ministry had identified funding sources to offset N4 trillion of its outstanding debts to contractors, it still had a funding gap of N6 trillion.
He said: “Now, in this N10 trillion, we have defined sources that could fund up to N4 trillion. So, we have a funding gap of about N6 trillion. That is what is there now.
“We have a number of programs for road development under the previous administration. We inherited all the projects; we have not dropped any of them. But curious to know that some of these projects have lasted for 20 years, some 10 years. In fact, in most cases, they were never appropriated throughout every tenure.
“So I went to seek Mr. President’s nod so that I will be able to terminate some of the projects that have stayed up to 10 years without any defined source of funding. “
The minister lamented the current appropriation system for federal road projects, saying the piecemeal disbursement of funds to contractors was stymying delivery.
“I shared with Mr president that the way appropriation is being done is not healthy to develop our roads infrastructure. For example, for a road that may cost N10 billion, an appropriation of N150m is made.
“It is just for the contractor to take and put in his pockets because where an average cost of projects that we inherited is about N700 million per kilometer and you are given out N150 million for the whole year, then you are just enhancing the pockets of the contractor.”
Umahi said said in his discussion with the President, he had urged him (Tinubu) to engage with the National Assembly to prioritize projects.
“Just look at over 2600 projects, 18,000 kilometers of roads, and N14 trillion. That is huge! And the worrisome part of this is that even the ones that are being funded properly, the roads hardly last up to five years,” Umahi complained.
He said the short lifespan of roads necessitated his recent proposal to the President to redesign and construct yet-to-be-completed federal roads using reinforced concrete.
What is the Dollar to Naira Exchange rate at the black market also known as the parallel market (Aboki fx)?
See the black market Dollar to Naira exchange rate for yesterday 11th September, below. You can swap your dollar for Naira at these rates.
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1530 and sell at N1550 yesterday 11th September 2025, according to sources at Bureau De Change (BDC). …CLICK LINK TO CONTINUE READING
The likelihood of former President Goodluck Ebele Jonathan entering the presidential race in 2027 is becoming increasingly apparent, particularly given the recent developments surrounding his potential candidacy.
Reports suggest that Jonathan is discreetly meeting with key political figures across the country, which adds to the anticipation surrounding his possible return to politics. Click link to continue reading.
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More questions have been raised over the incompetence of the power sector in the country as Nigeria as many African countries making significant strides in enhancing their power supply stability by investing in modern electricity transmission networks, advanced grid infrastructures, renewable energy sources, and natural gas.
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The Dollar to Naira exchange rate in the black market continues to highlight Nigeria’s forex supply challenges, with many individuals and businesses relying on the parallel market for transactions.
CBN maintains tighter controls and a lower rate at official windows, limited access and allocation restrictions force most importers, businesses, and students abroad to turn to the parallel market, where prices reflect actual demand and supply pressures. Click link to continue reading.
What is the Dollar to Naira Exchange rate at the black market also known as the parallel market (Aboki fx)?
See the black market Dollar to Naira exchange rate for yesterday 10th September, below. You can swap your dollar for Naira at these rates.
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1530 and sell at N1545 yesterday 10th September 2025, according to sources at Bureau De Change (BDC). …CLICK LINK TO CONTINUE READING
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate N1525
Selling Rate N1535
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate N1510
Lowest Rate N1506
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.
Isaac Fayose, younger brother of former Ekiti State Governor Ayo Fayose, has sparked nationwide controversy after declaring that Nigeria belongs only to the Hausa and Yoruba ethnic groups.
In a viral video making the rounds on social media, Fayose dismissed the long-standing belief that Nigeria’s unity rests on a tripod of Hausa, Igbo, and Yoruba.
He claimed that the Igbos have been marginalized and not counted among the country’s dominant groups.
He stated: “They said Nigeria belongs to Hausa, Igbo, and Yoruba, but that’s a lie… take out that Igbo, stop including them because it’s a lie.”
The remarks have triggered widespread backlash, with many Nigerians accusing him of promoting ethnic hatred and fueling disunity.
Others, however, agreed with his statement, describing it as “an honest truth” about Nigeria’s politics.
Netizens Reactions…
@olaoluwasunnyman reacted: “Honest truth.”
@chefnoka said: “History will never forget you, brother. I’m not Igbo, but I love the way you speak and stand for the truth. We need it to move this nation forward.”
@newbilliy commented: “I’m Yoruba but an Igbo President will make Nigeria great. I love Igbo people and their business mindset.”
@beautyjunctiongh wrote: “God bless you, my brother, for saying the truth.”
@benedictoguama asked: “Where is Jonathan from?”
@daveiyke_donnegro stated: “@isaacfayoseoriginal_ God bless you Sir for speaking the truth. I wish other Nigerians can shun tribalism and unite for the progress of Nigeria. Tribalism us a tool against Nigerians and the unity of Nigeria. Politicians have weaponized tribalism which enables them thrive in continued political and socioeconomic incompetence.”
@realtundr4 added: “I agree with what you said, sir, but look at it, does igbo really have d right candidate? Obi is just chameleon to me he’s not real, neither do they have the leadership experience as our current president @officialasiwajubat, the one and only politician that have ever created more millionaires and successful individual in the whole nation. Make we leave hatred, JAGABAN na baba.”
@wellingtonisgreat commented: “@wellingtonisgreat said: “Nigeria belongs to everybody not hausa, yoruba, igbo, Benin have not been president before let us go? You dey talk anyhow.”
@richeart4u said: “Those that have been president, were they given free or charge? Was there a law that stopped Igbo man from being a president? How do people become a president? Or do you mean Igbo have never been allowed to contest for presidency? Same things goes to women too, why are women not hugely represented in all positions even presidency? No one is stopping anyone from becoming anything, you just have to change your strategy and alignment. You can’t be doing same thing over the years and not get the desired result and still want to stick to that failed pattern to achieve a new result. Igbo people and their candidate must be encompassing. Hausa has been aligning more to Igbo people to get whatever position they wanted and why are they not returning the favour hugely? Align to anyone that can boost your change of winning and be well accommodating and understanding the power of choices and politicking. I might be wrong 0000. Na ma small knowledge I take respond oooo.”
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