Minister of works David Umahi has said the Federal Government will not be embarking on new projects next year.
Umahi made the statement during a media briefing in Abuja on Thursday, marking his first year in office.
He also lamented a N16 trillion funding gap on over 4,000 projects he claimed the current administration inherited.
The minister said, “We will not propose new projects for the 2025 fiscal year unless otherwise dictated by Mr President.
“I’m going to tell the Ministry of Finance to provide funds for us to complete ongoing projects.
“Right now, we have over 4,000 ongoing projects and a funding gap of N16tn, most of them were inherited by this administration.
“Some of these projects were awarded when the naira was exchanged for N150 to $1USD.”
The minister further explained that inflation has contributed significantly to the rising cost of most of these projects and it would be in the nation’s best interest.
