The Benin, Sapele, and Warri road’s renovation was approved by President Muhammadu Buhari, according to Minister of State for Budget and National Planning, Mr. Clem Agba.
This was said in a statement made on Wednesday in Abuja by Mr. Sufuyan Ojeifo, the Minister’s Special Media Advisor.
Ojeifo said that the Minister provided the evaluation following the Federal Executive Council (FEC) meeting on Wednesday’s approval of the rehabilitation contract.
The Nigerian National Petroleum Company Limited (NNPCL), according to the Minister, has approved certain road segments under the Federal Government’s Road Infrastructure Development and Refurbishment Investment Tax Credit.
The report included a breakdown of the road segments for which construction contracts had been granted.
In favour of Messrs Levant Construction Company Limited in the amount of N98,916,451,227.28 inclusive of 7.5 percent VAT with a 24-month completion period is Section One, which consists of the 28.275-kilometer-long Benin-Imasabor road.
“Section two, consisting of the 38.525-kilometer-long Imasabor-Ibada Elume, in the amount of N127,648,926,047.37, inclusive of 7.5 percent VAT, with a 36-month completion period, in favour of Messrs GELD Construction Company Limited/Triata Limited.
In favour of Messrs SKECC Nigeria Limited in the amount of N89,142,998,919.59, inclusive of 7.5 percent VAT, with a 42-month completion period, is Section 3 of the 23.2-kilometer-long Ibada Elume-Warri.
Agba expressed joy that the deal was new, as opposed to the Benin-Okene road contract, which had been in place for years but had yet to be completed.
However, he stated that the contractors in charge of the Benin-Okene road work had yet to deploy due to an inflationary trend that had damaged the project’s original price.
He stated that the Ministry of Works is presently processing rate increases.