ADVERTISEMENT
  • Africa
  • World
  • Our Shows
    • Entrepreneurship
    • Destination Business
    • 101business TV Show
Business 360 News
  • Home
  • Africa
    • East Africa
    • West Africa
    • South Africa
  • News
    • Feature
  • Economy
    • Maritime
    • Agriculture
      • Agribusiness
    • Energy
      • Electricty
      • Oil
      • Petrol
      • Gas
  • Finance
    • Insurance
    • Tax
    • Real Estate
  • Capital Market
  • Tech
    • ICT
    • Solar Energy
    • Electric Vehicles
    • Blockchain
    • IoT
    • AI
    • EV
  • SMEs
    • Success Stories
    • Start-Ups
    • Entrepreneurship
  • Global Economy
    • UK
    • US
    • Russia
    • CHINA
    • Japan
  • Business 360 Weekly
No Result
View All Result
  • Home
  • Africa
    • East Africa
    • West Africa
    • South Africa
  • News
    • Feature
  • Economy
    • Maritime
    • Agriculture
      • Agribusiness
    • Energy
      • Electricty
      • Oil
      • Petrol
      • Gas
  • Finance
    • Insurance
    • Tax
    • Real Estate
  • Capital Market
  • Tech
    • ICT
    • Solar Energy
    • Electric Vehicles
    • Blockchain
    • IoT
    • AI
    • EV
  • SMEs
    • Success Stories
    • Start-Ups
    • Entrepreneurship
  • Global Economy
    • UK
    • US
    • Russia
    • CHINA
    • Japan
  • Business 360 Weekly
No Result
View All Result
Business 360 News
No Result
View All Result
Home Finance

FG Needs ₦880bn Annually to Maintain Federal Roads — Works Ministry

Victoria Emeto by Victoria Emeto
June 3, 2025
in Finance
0
FG Needs ₦880bn Annually to Maintain Federal Roads — Works Ministry

The Federal Government must allocate approximately ₦880 billion annually to effectively maintain the federal road network across Nigeria, according to the Minister of State for Works, Mohammed Goroyo.

Goroyo made this revelation on Monday during an investigative hearing conducted by the House of Representatives Ad-Hoc Committee on the implementation and remittances of the five per cent road user charge under the Federal Road Maintenance Agency (FERMA).

Speaking at the session in Abuja, Goroyo highlighted that current budgetary allocations have consistently fallen far short of what is needed for sustainable road maintenance. “FERMA requires an estimated ₦880bn annually for optimal road conditions,” he said. “However, allocations have remained grossly inadequate — ₦76.3bn in 2023, ₦103.3bn in 2024, and ₦168.9bn in 2025.”

He warned that the persistent funding gap has limited FERMA’s operations to reactive maintenance rather than a preventive, long-term strategy.

Further complicating the funding challenge, FERMA’s Managing Director, Chukwuemeka Abbasi, disclosed that the mechanism for deducting the five per cent road user charge from the pump prices of petrol and diesel was never implemented. The policy, initially under the now-defunct Petroleum Product Pricing Regulatory Authority, has not been enforced by its successor, the Nigeria Midstream and Downstream Petroleum Regulatory Authority.

The House Committee is investigating why the road user charge—a critical revenue stream intended to support federal road upkeep—remains largely unaccounted for.

Stakeholders say urgent action is needed to close the infrastructure funding gap and transition FERMA toward a proactive maintenance regime to preserve the integrity of Nigeria’s road network.

Tags: #FERMA#NigerianInfrastructure#PublicFinanceNG#RoadFundingCrisis
Previous Post

Seven States Spend 190% of IGR on Debt Servicing in Q1 2025

Next Post

Investors Gain ₦1.90 Trillion as NASD OTC Market Rises 1.86% in One Week

Victoria Emeto

Victoria Emeto

Next Post
Investors Gain ₦1.90 Trillion as NASD OTC Market Rises 1.86% in One Week

Investors Gain ₦1.90 Trillion as NASD OTC Market Rises 1.86% in One Week

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • Trending
  • Comments
  • Latest
FMDQ Exchange Admits Flour Mills of Nigeria’s ₦30.00bn Commercial Paper Notes

FMDQ Admits TSL SPV PLC ₦12.00 billion Series 1 Guaranteed Fixed Rate Infrastructure Bond to its Platform

March 11, 2021
NCAC inaugurates Creative Industry Sub-Committees

NCAC inaugurates Creative Industry Sub-Committees

September 20, 2020
#EndSARS: Protesters receive heavy gun fire at Lekki toll gate

#EndSARS: Protesters receive heavy gun fire at Lekki toll gate

October 21, 2020
SMEs in Nigeria must be ready to grow with or without Government …Evans Edozie, C.E.O., Cospharma Nig. Ltd.

SMEs in Nigeria must be ready to grow with or without Government …Evans Edozie, C.E.O., Cospharma Nig. Ltd.

September 21, 2020
‘The existence of a production hub in Nigeria will go a long way for the Fashion Industry’. FUNMI RUFAI LADIPO, President Fashion Designers Association of Nigeria.(FADAN)

‘The existence of a production hub in Nigeria will go a long way for the Fashion Industry’. FUNMI RUFAI LADIPO, President Fashion Designers Association of Nigeria.(FADAN)

25
Goldlink’s restructures board

Goldlink’s restructures board

10
Airtel Africa Plc gets admitted to the NSE Main Board

Airtel Africa Plc gets admitted to the NSE Main Board

6
Stallion Tank Farm resumes operations

Stallion Tank Farm resumes operations

3
Investors Gain ₦1.90 Trillion as NASD OTC Market Rises 1.86% in One Week

Investors Gain ₦1.90 Trillion as NASD OTC Market Rises 1.86% in One Week

June 3, 2025
FG Needs ₦880bn Annually to Maintain Federal Roads — Works Ministry

FG Needs ₦880bn Annually to Maintain Federal Roads — Works Ministry

June 3, 2025
Seven States Spend 190% of IGR on Debt Servicing in Q1 2025

Seven States Spend 190% of IGR on Debt Servicing in Q1 2025

June 3, 2025
One-Stop Shop Initiative Gains Momentum with NUPRC Backing for Naira-Based Petroleum Sales

One-Stop Shop Initiative Gains Momentum with NUPRC Backing for Naira-Based Petroleum Sales

June 3, 2025
Business 360 News

Business 360 News is a Business and Financial News Platform with an SMEs drive. Published by 360 Network Limited, and created with the aim of disseminating unbiased business stories to readers within and outside Nigeria, providing in-depth analysis of our stories from a critical perspective against the backdrop of realities, actualities, objectivity and balance.

Follow Us

Browse by Category

  • Africa
  • Agribusiness
  • Agriculture
  • AI
  • Art
  • Arts
  • Aviation
  • Banking
  • Blockchain
  • Business 360 Weekly
  • Business news
  • Business Travels
  • Capital Market
  • CHINA
  • Corporate
  • Cryptocurrency
  • Destination Business
  • East Africa
  • Economy
  • Education
  • Electric Vehicles
  • Electricty
  • Energy
  • Entertainment
  • Entertainment
  • Entrepreneurship
  • EV
  • Fashion
  • Fashion
  • Feature
  • Finance
  • Gas
  • Global Economy
  • Health
  • Hospitality
  • ICT
  • Insurance
  • IoT
  • Lifestyle
  • Luxury
  • Maritime
  • Meetings
  • Mortgage
  • News
  • NGOs
  • Oil
  • Petrol
  • Political Economy
  • politics
  • Real Estate
  • Real Estate
  • SMEs
  • Society
  • Solar Energy
  • South Africa
  • Sports
  • Start-Ups
  • Stocks
  • Success Stories
  • Tax
  • Tech
  • Tourism
  • Transportation
  • UK
  • Uncategorized
  • US
  • World

Recent News

Investors Gain ₦1.90 Trillion as NASD OTC Market Rises 1.86% in One Week

Investors Gain ₦1.90 Trillion as NASD OTC Market Rises 1.86% in One Week

June 3, 2025
FG Needs ₦880bn Annually to Maintain Federal Roads — Works Ministry

FG Needs ₦880bn Annually to Maintain Federal Roads — Works Ministry

June 3, 2025
  • Africa
  • World
  • Our Shows

© Business 360 News - Business, Finance And SMEs News | Design by Manifest!

No Result
View All Result
  • Home
  • Africa
    • East Africa
    • West Africa
    • South Africa
  • News
    • Feature
  • Economy
    • Maritime
    • Agriculture
      • Agribusiness
    • Energy
      • Electricty
      • Oil
      • Petrol
      • Gas
  • Finance
    • Insurance
    • Tax
    • Real Estate
  • Capital Market
  • Tech
    • ICT
    • Solar Energy
    • Electric Vehicles
    • Blockchain
    • IoT
    • AI
    • EV
  • SMEs
    • Success Stories
    • Start-Ups
    • Entrepreneurship
  • Global Economy
    • UK
    • US
    • Russia
    • CHINA
    • Japan
  • Business 360 Weekly

© Business 360 News - Business, Finance And SMEs News | Design by Manifest!