The Minister of the Federal Capital Territory (FCT), Nyesom Wike, has revealed that the Millennium Tower project is set to be completed within a two-year timeframe. Wike emphasized the importance of proper funding and the introduction of an Internal Sustainable Project Office (ISPO) to ensure progress and payment transparency. The project signifies a commitment to infrastructural development in the FCT.
The Minister of the Federal Capital Territory (FCT), Nyesom Wike, has announced that the highly anticipated Millennium Tower project will be completed within a two-year timeframe. This revelation comes as a beacon of hope for the residents of the FCT, as the construction of this iconic tower will serve as a testament to the city's growing skyline and infrastructural development.
During a press briefing on Friday, Minister Wike emphasized the significance of ensuring proper funding for projects like the Millennium Tower. He highlighted the challenges faced when relying solely on national budgets and expressed the need for self-sustenance in funding infrastructural endeavors. To address this issue, Wike introduced the concept of an Internal Sustainable Project Office (ISPO) that ties project funding to the FCT's internally generated revenue.
In his address, Wike stated, "We don't want any project without funding; we can't award projects depending on the national budget, as it poses a problem. So, we will utilize the idea of tying projects to specific budgets, which reduces the risk of project abandonment in the FCT." This forward-thinking approach emphasizes the commitment of the government to ensure that projects are adequately funded and completed in a timely manner.
The establishment of the ISPO will not only streamline payment processes but also enable proper monitoring of the progress made by contracted companies. Wike revealed that payment terms have been pre-determined, ranging from six to fifteen months, depending on the project's complexity. For instance, the Millennium Tower project has agreed to complete the construction within two years, with monthly payments of three billion Naira.
By implementing this system, the FCT Government aims to create a transparent project management process, ensuring that companies are paid promptly and that there are no delays in the execution of vital infrastructural projects. This strategy also stimulates the local economy by providing secure revenue streams for partnering companies.
In addition to the Millennium Tower project, Minister Wike highlighted ongoing road resurfacing projects in key areas such as Garki and Maitama. This demonstrates the government's commitment to repairing and upgrading crucial transportation infrastructure in the FCT. Wike assured the public that there is no lack of funding for these projects, further emphasizing the new funding model's effectiveness.
The completion of the Millennium Tower, along with other infrastructural developments, will undoubtedly enhance the FCT's reputation as a thriving metropolis and attract further investment opportunities. The tower itself will serve not only as a striking architectural landmark but also as a symbol of progress and growth for the nation.
Source of content: OOO News 2023-09-08 News
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