The Senate President, Dr. Abubakar Bukola Saraki, has stated that contrary to reports in the media on the recommendations by the Senate Committee on Works, the proposed National Road Fund Bill will not lead to any increase in the current price of fuel.
Saraki told journalists in Ilorin, Kwara State on Saturday after the breaking the fast that the Senate will this week discuss a motion on the interest rates being charged by commercial banks on loans to customers, particularly entrepreneurs who need borrowed funds to stay afloat and contribute to the Gross Domestic Product (GDP).
He said that the report of the committee which worked on the National Road Funds Bill came from deliberations during a pubic hearing in which all stakeholders suggested how to generate funds for the maintenance of the nation’s road network, adding that there was a consensus on the desirability of the Fund and the need to ensure that the money to be generated from the sale of fuel for the fund should be accommodated within the current price regime.
Saraki said: “This is an opportunity to clarify the inaccurate reporting. There is a Bill called the National Road Funds Bill. Our roads around the country are not adequately funded. If we are banking on the appropriations process, we will not be able to adequately fund and refurbish our roads.
“Anybody that read the full report would have known that after the public hearing, which involved stakeholders from the road and transport industry, it was recommended that N5 from each litre of petrol should be channelled towards our roads. However, this is not going to be additional N5, but N5 out of the present price of N145 that Nigerians are paying at the pump,” the Senate President said.