EnvironmentLife StyleNewsUrban Development

Umahi discredits BudgIT’s allegations of road project funds in Microfinance Bank | Prestige Real Estate News

Umahi discredits BudgIT’s allegations of road project funds in Microfinance Bank

Zenith banner

Minister of Works, David Umahi, refuted the assertion that funds allocated for road construction were improperly deposited in a Microfinance Bank, contrary to existing regulations.

The minister clarified this during an inspection of the Enugu-Port Harcourt carriageway, under reconstruction by Arab Contractors Ltd in Rivers State on Saturday, as stated on the ministry’s website.

  • “Let me also use the opportunity to debunk something ongoing in the social media. I don’t know what they call the group, Is it Tracta Budgit or something which claims they’re monitoring the budget of federal the government? Said that we paid 8.7 billion to the microfinance bank,” Umahi stated.

On January 26, 2024, Tracka, BudgIT’s service delivery promotion platform, issued a press release alleging that the Ministry of Works disbursed a total of N9.3 billion for 62 projects between June and December 2023 to FIMS Microfinance Bank.

The track additionally revealed that N8.7 billion of the aforementioned sum was allocated for the construction of road projects in Ekiti, Kaduna, Oyo, Benue States, and others.

Further addressing the matter, Umahi said Tracka BudgIT was wrong. He explained that from June to August 20, 2023, he was in the Senate.

Access pension

He pointed out that after being appointed as a minister later, he could not have authorized payments to the Microfinance Bank for the ministry during the designated period, as stated in Tracka’s report.

More Insights 

Umahi clarified the payments to a Microfinance Bank, stating that once a contractor finishes their work, the money is theirs, and they can deposit it in any bank they prefer.

He dismissed Tracka BudgIT’s claim as misleading, asserting that the organization lacks the authority to probe where a contractor places the funds from a finished road project.

  • “Whether it’s paid in microfinance bank or microfinance bank, what is paramount to establish if the work funds were rightly paid for well done,” Umahi said.

Furthermore,  Umahi asserted that the report was an effort to divert attention from his dedication to advancing President Tinubu’s Renewed Hope Agenda for the development of the road sector in Nigeria.

  • “And so, it’s just a distraction. And then, some of the bank contractors are using them to fight back. But I refuse to be distracted,” he restated.
  • Nairametrics

Related Articles

Leave a Reply

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

Back to top button