• He says that the project faces more than 100% financing deficit
• FEC is aimed at an investment of $ 100 billion, two million jobs with a new creative tourism corporation
The Minister of Works, Senator David Umahi promised to persistently press President Bola Ahmed Tinubu until the Federal Government provides the necessary funds to rebuild the Ibadan -ife-Deiles Highway.
Speaking in Abuja, Umahi described the way as a critical infrastructure that urgently requires attention due to its deplorable condition, which has seriously affected travelers along the axis.
He acknowledged that the financing of the existing government is inadequate to meet the demands for reconstruction of the road, but promised to continue pressing the president for financial intervention.
“The road is in a very bad state,” said Umahi. “We have had to look for palliative measures just to keep it motor.”
He pointed out that although the Ibadan-Nile highway was already identified in official reports as a key federal highway in poor condition, the first lady caught her attention, Senator Oluremi Tinubu.
“Even before the matter appeared on the Federal Executive Council (FEC), the first lady personally called me and urged that we inspected the way due to the suffering of the Nigerians using that corridor,” he said.
According to the minister, only N70 billion have been assigned to the project between 2003 and 2025, an amount that described as very inadequate.
In addition, he explained that the Ministry has added the Ibadan-Nile Highway with other important corridors such as the Ileesha-Akure-Benin road (already awarded by N751 billion) and the Road Ore-Benin, presenting the combined section to the FEC for the financing intervention.
“These roads are in terrible conditions. What we are doing for now is to apply funds available for palliative work, while looking for permanent financing for large -scale reconstruction,” said Umahi.
“I want to assure Nigerians that I will not allow Mr. President to rest until he gives me the money to fix this path. And I think he will,” added the minister.
The Federal Executive Council (FEC) has approved the establishment of the Creative Infrastructure and Tourism Corporation (CICO), with a projected investment objective of $ 100 billion and the potential to create more than two million jobs in Nigeria.
In addition, the Council approved the Development Fund of the Creative Economy (CEDF), the implementation of the intellectual property monetization pilot (IP) and the Creative Leap Acceleration (CLAP) program, a digital platform designed to admit creative companies with funds, creative technology and joint work spaces.
The Minister of Arts, Culture and the Creative Economy, Barríster Hannatu Musa Musawa, revealed this during the 2025 ministerial press conference in Abuja on Friday. He pointed out that the Ministry had attracted $ 200 million in investment commitments in the last 18 months.