The Minister of Power Works and Housing, Mr Babatunde Fashola said on Monday, that President Muhammadu Buhari has approved the disbursement of funds recovered from looters under the 2018 federal budget.
The Minister also said his ministry had awarded contracts for the rehabilitation of roads in 14 federal universities, including the UNN, and carried out energy audit in the 37 federal universities.
Fashola made this disclosure at the Herbert Macaulay Memorial Lecture, University of Nigeria, Nsukka, during a lecture organised by the Faculty of Engineering.
He said N120 billion had been approved from the looted funds by President Buhari for the rehabilitation of 36 roads across the country.
According to him, Nigeria lost its best opportunity for development during the oil boom from 2007 to 2015 to stomach infrastructure.
“While other oil producing countries were busy building their nations at a time oil prices were high, the past administration in Nigeria started a different form of development, known as infrastructure of the stomach.
“We should never forget this. We decided to share the money rather than invest the money just to win elections. The money that should have been used to fund the Abakaliki rice was used to import rice, he said.
He noted that the wasted opportunity was what Buhari has come to recover through the Economic Recovery and Growth Plan.
Earlier on in his welcome address, the Vice Chancellor of the university, Prof. Benjamin Ozumba, said they sought for a personality who has had experience in the management of engineering-related infrastructure; a person who presently occupies a very sensitive position where engineering plays significant roles in our national development to deliver this year’s lecture.
“We found such a personality in the person of Mr Raji Babatunde Fashola, the immediate past governor of Lagos State and current Minister of Power, Works and Housing.”