FG releases N100bn to contractors for Ibadan-Ilorin road, 24 others

Date: 2017-10-06

The Federal Government on Thursday completed the process required for the funding of the reconstruction and rehabilitation of 25 major economic roads in the six geopolitical zones of the country, using the N100bn sovereign sukuk.

According to the government, each geopolitical zone is to get an equal amount of N16.67bn for the rehabilitation of selected roads.

Last month, the Federal Government commenced the sale of the N100bn sovereign sukuk in the local market to fund road infrastructure.

The Debt Management Office had announced that the seven-year Islamic bond, which was structured as a lease, would yield 16.47 per cent rental rate, payable semi-annually.

The ministers of Power, Works and Housing, and Finance, Babtunde Fashola and Kemi Adeosun, as well as the Director-General, DMO, Patience Oniha, met with heads of about 10 construction companies in Abuja on Thursday, where Adeosun presented the N100bn cheque to Fashola for the projects.

The Finance minister stated that the sukuk was over-subscribed, as over N105bn was realised, adding that N100bn was pulled out for the purpose of road construction.

She said, "This is the first sukuk in Nigeria and it is an important development in our financial market, because it will deepen it. It was over-subscribed; we got N105.87bn and we are giving N100bn to the ministry of works. This money is going to be used for economic roads."

The government outlined the number of roads to be rehabilitated in each of the zones to include five each in the North-Central and South-South; four each in the North-East, North-West and South-East; and three in the South-West.

Arab Contractor Nigeria Limited, CGC Nigeria, CCECC Nigeria Limited, Salini Nigeria Limited, Reynolds Construction Company Nigeria Limited and Setraco Nigeria Limited are some of the beneficiary contractors.

Others are Dantata and Sawoe Construction Company Nigeria Limited, Eksiogullari Nigeria Limited, Mothercat Limited and Gitto Constrizon Generali Limited.

Our correspondent gathered from officials of the Ministry of Power, Works and Housing that the Oyo-Ogbomoso section of the Ibadan-Ilorin Expressway, on which reconstruction work has stalled, was among the roads to benefit from the N16.67bn for the South-West.

The projects also include the Obajana-Okene road in Kogi State; Aba-Port Harcourt road in Rivers State; Ajebandele-Sagamu road that goes through Ondo and Ogun states; and the Kaduna Eastern by-pass in Kaduna State.

Fashola said when the rehabilitation work on the selected roads would be completed, the facilities would significantly improve road transportation and economic activities across the country, as they were of vital economic importance to Nigeria.

Addressing the contractors, he said, "First of all, I think the problems that you identified earlier when we met were mainly two, finance and weather. And I promised you that we would solve the finance problem and nature would take care of the weather problem.

Source

 

Cloud Tag: What's trending

Click on a word/phrase to read more about it.

Abdulwasiu Bolaji Adeyi     Muritala Awodun     Wakilin Mata Lafiagi     Aisha Abodunrin Ibrahim     Olatunde Michaels     Sunday Fagbemi     Bisi Oyeleke     Salihu Jibril Garbi     Anilelerin     Raliat AbdulRazaq     Otunba Taiwo Joseph     IDPU     Countryside Emerging Leaders Fellowship     Rihanat Ajia     Ayodele Olaosebikan     IsDB     Shuaib Boni Aliyu     Kabir Shagaya     Lawal Arinola Kudirat     Shehu Alimi Foundation For Peace And Development     AGILE Programme     Okin Malt     Olaitan Adefila     Abdulkadir Bolakale Sakariyah     Saliu Mustapha     Laolu Saraki     Clement Yomi Adeboye     Adedeji Onimago     Harrison Osauwagboe     Laboratory-to-Product     Nigeria Foundation For Artificial Intelligence     COVID-19 Palliatives     Owode Market     Frootify     Khairat Gwadabe     Shonga     Kwara State Internal Revenue Service     Saidu Kawu     Hussein Olokooba     Saadatu Modibbo-Kawu     Chief Imam Of Offa     KWIRS     Oasis Muslim Care Foundation     Abubakar Aliagan     Gobir     Arik     Musa Aibinu     Saka Saadu     Muideen Olaniyi Alalade     Folashade Omoniyi     Bareke     Makama Of Kaiama     Bayer Nigeria Limited     Paul Olawoore     Ilorin West/Asa Federal Constituency     Abdullahi G. Mohammad     Segun Ogunsola     Mohammed Jimoh Faworaja     Abdulrahman Onikijipa     Taofeeq Olateju     Yusuf Lawal     Dan-Kazeem     Amosa     Olatunde Jare     Centre For Digital Economy     Dapo Teni Nig Enterprise     Femi Gbajabiamila     Muslimah Entrepreneurship Forum     Maigida     Ahmed Mohammed Rifun     Sunday Otokiti     Islamic Development Bank     Mahmud Ayinla Giwa     Photo News     Economic And Financial Crimes Commission     Osuwa     Salman Suleiman    

Cloud Tag: What's trending

Click on a word/phrase to read more about it.

Simon Sayomi     Mohammed Saidu     2023 Elections     Asiwaju Bola Tinubu     Buari Edun     Amusement Park     Moses Salami     Sunday Popo-Ola     Bello Oyedepo     Galadiman Ngeri     Oke-Odo     Pilgrims Board     LEAH Charity Foundation     Esinrogunjo     Abdulrahman Onikijipa     George Innih     Okeose Christian Cementary     Tanke Flyover Bridge     Bashir Badawi     Funmilayo Braithwaite     Jamiu Oyawoye     Kwara Polytechnic     Budo Egba     Isiaka Gold     Sam Onile     Taofeeq Olateju     Abdulrazaq Magaji     Bola Tinubu     Toyin Olayinka Tejidini     Sai Kayi     Adamu Attah     HYPPADEC     Pakata Patriots     Valsolar Consortium     Yakubu Mohammed Abdullahi     Owo Isowo     Rotimi Atere     Senior Ibrahim Suleiman     Kehinde Boyede     Sola Saraki Educational Foundation     Sherif Shagaya     Pategi     Hamza Usman     Abdulazeez Arowona     Amina Susa\'a De Ahmed     Yemi Osinbajo     Okiki     Rice Farmers Association Of Nigeria     Nigerian Correctional Service     Saka Adeyemo     Afolabi-Oshatimehin Adenike Harriet     Azeez Bello     Khairat Gwadabe     Tsaragi-Share     Adanla-Irese     United Nigeria Congress Party     Tunde Oyawoye     Lithium     Oluranti Idowu     Mohammed Abduraheem     Ibrahim Kayode Adeyemi     ER-KANG     Olomu     Agboola Abdulraheem     Yeketi     Seed Technologies     Ministry Of Women Affairs And Social Development     Olushola Saraki     Ibrahim Bio     Old Oyo     Hassan Oyeleke     AGF Abdulrazaq     Yoruba     Mohammed Ajia Ibrahim     Frootify     Bola Sagaya     Abdulwasiu Bolaji Adeyi