Fashola has noted that out of N25 billion budget for the agency in the 2017 Budget, only N800 million has so far been released to the agency by the Ministry of Finance.
He admitted that the worst roads are located in the Southsouth and Southeast geopolitical zones, adding that an audit.
The minister, who assured that efforts are on top gear to fix the roads, also said that the N100 billion sourced through the Sukuk Bond, was yet to be released to his ministry to carry out 25 major road constructions in the six geopolitical zones of the country.
He said that FERMA could be more effective and efficient if overhauled and compel to limit its operations to the core mandate of maintaining federal roads.
Fashola said: “FERMA can be the largest construction company in the country. It depends on what we are willing to put into the agency. In the past, FERMA collected monies for roads they did not construct. That has to stop in this government.