Minister of Works, Mike Onolememen
To improve the lifespan of the Lagos-Ibadan expressway to 50 years on completion in 2017 instead of the previous 25 years, the federal government is using polymer asphalt, the modern type of bitumen, making its debut to the Nigerian construction industry.
The Minister of Works, Mike Onolememen, who disclosed this yesterday while on an inspection tour of thetwo sections of the project, repeated the federal government’s resolve to deliver the road in 48 months as stated in the original document during the presidential commencement ceremony in July 2013.
The Minister of Works, Mike Onolememen, who disclosed this yesterday while on an inspection tour of thetwo sections of the project, repeated the federal government’s resolve to deliver the road in 48 months as stated in the original document during the presidential commencement ceremony in July 2013.
This was contained in a statement issued yesterday by a Deputy Director (Information) in the Federal Ministry of Works, Theodore Ogaziechi, on behalf of the Director.
Only last week, Onolememen had announced that the government would be issuing N100 billion bonds to fast-track the completion of the expressway.
“We have decided, as a government and as a ministry, that in order to fast-track completion of the road, we will be issuing road and infrastructure bond.
Only last week, Onolememen had announced that the government would be issuing N100 billion bonds to fast-track the completion of the expressway.
“We have decided, as a government and as a ministry, that in order to fast-track completion of the road, we will be issuing road and infrastructure bond.
“And we will raise the balance of about N100 billion. That’s a novel way of funding construction projectsacross the world. That is what can guarantee the quick delivery of that road,” he said.
What is not clear is how the bonds would ‘fast-track’ the completion of the highway when the time frame remains four years.
Describing the new material being used as a paradigm shift in the construction industry, Onolememen stated that the federal government had no intention of re-concessioning the project having made provisions for the sum of N25 billion in the 2014 budget with a view to providing another N25 billion in 2015 budget as government’s part of the private financial initiative.
According to the statement, the minister said this was a novel funding mechanism used in developing countries to drive capital-intensive projects to completion.
The N167 billion project entailing rehabilitation, reconstruction and expansion works was awarded to twocontractors, Julius Berger Nigeria Limited, who is handling Section 1 (Lagos–Shagamu axis) and Messrs Reynolds Construction Company (RCC) Limited, who is handling Section 11 (Shagamu–Ibadan axis).
What is not clear is how the bonds would ‘fast-track’ the completion of the highway when the time frame remains four years.
Describing the new material being used as a paradigm shift in the construction industry, Onolememen stated that the federal government had no intention of re-concessioning the project having made provisions for the sum of N25 billion in the 2014 budget with a view to providing another N25 billion in 2015 budget as government’s part of the private financial initiative.
According to the statement, the minister said this was a novel funding mechanism used in developing countries to drive capital-intensive projects to completion.
The N167 billion project entailing rehabilitation, reconstruction and expansion works was awarded to twocontractors, Julius Berger Nigeria Limited, who is handling Section 1 (Lagos–Shagamu axis) and Messrs Reynolds Construction Company (RCC) Limited, who is handling Section 11 (Shagamu–Ibadan axis).
“As against speculative writings by some uninformed sources that the federal government was considering backdoor re-concessioning and (that it) lacked funds to execute the project, it is evident that copious work was being carried out on the site by the two firms with over 14 per cent of work already achieved on the 126-kiliometre road,” the statement said.
On hand was the Director North-west of Julius Berger Nigeria Limited, Mario Viduka and Chief Engineer, Reynolds Construction Company Limited, Nadal Yusuf.
In company of the Minister of Works was Senator Iyiola Omisore, who expressed appreciation to the federal government for its innovative engineering works and novel financial funding mechanism to complete the ever busy gateway to the largest seaport in Nigeria.
No comments:
Post a Comment