The Federal Government has explained that the removal of the petrol subsidy helped create the financial conditions that enabled it to raise about $500 million for the reconstruction of the Murtala Muhammed International Airport in Lagos and other aviation infrastructure.
The Minister of Aviation and Aerospace Development, Festus Keyamo, disclosed this on Monday while speaking in Lagos at the 67th anniversary of Aero Contractors Airline.
Keyamo said the $500 million was not obtained through borrowing, but was made possible by improved liquidity and stronger foreign reserves following the economic reforms introduced by the administration of President Bola Tinubu.
According to the minister, Nigeria’s foreign reserves had increased from about $3 billion to $56 billion, while improved liquidity had strengthened investor confidence and created opportunities for major infrastructure investments.
“The President raised $500m to rebuild the Lagos airport. Not money borrowed, because we were able to do what we should do,” Keyamo said.
He explained that the administration’s investments in aviation infrastructure were part of efforts to improve facilities, attract investors and create employment opportunities.
Keyamo also disclosed that President Tinubu had approved the return of China Civil Engineering Construction Corporation to the Abuja airport project to construct the long-delayed second runway at the Nnamdi Azikiwe International Airport.
He said the project, initially estimated at about N45 billion, is now expected to cost nearly N500 billion due to delays and rising construction costs.
The minister maintained that infrastructure development and investment were essential to creating sustainable employment and strengthening Nigeria’s economy.
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