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.

Ilorin International Airport     Hakeem Idris     Hameed Oladipupo Ali     Omar Bolaji Gambari     Salihu S. Yaru     Osinbajo     Opaleke Bukola Iyabo     TIC     March 28     Oro Grammar School Old Students Association     Oyelere Oyinloye     Egbewole     Ibrahim Sulu Gambari     Oniyangi     Nigerian Correctional Service     Abdulrazaq Aiyelabegan     Aiyedun     Baboko     Salihu Yahaya     Ajase-Ipo     Elerin Of Adanla     Yakubu Danladi     Shonga Farm Project     Bareke     Taofik Abiodun Ahmed     Dar-Al-Handasah Consultants Ltd     Ilorin Water Reticulation     Atunwa     Gbemi Saraki     Funmilayo Isiaka Oniwa     Halidu Danbaba     Folorunsho Erubu     Congress For National Consensus     Mutawali Of Ilorin     Ibrahim Mohammed     Suleiman Yahya Alapansapa     Moji Makanjuola     Olajumoke Monsura Gafar     Adamu B. Yaqubu     Yahaya Muhammad     Ahmad Lawan     Christian Association Of Nigeria     Mohammed Danjuma     Tunde Mukaila Mustapha     Olatunji Moronfoye     Al-Hikmah University     Ibrahim Issa Jetti     Lanre Badmas     Aliyu U. Tilde     Ibrahim Abduquadri Abikan     Kamaldeen Ajibade     Labaeka     Geri-Alimi Split Diamond Interchange     Shuaibu Yaman     Abdulrahman Abdulrazak     Kayode Bankole     CT Ayeni     Pakata Development Association     Ayo Opadokun     Bolakale Kawu Agaka     Abdulkadir Jimoh     Kwara Restoration Project     Kwara State Printing And Publishing Corporation     Yakubu Mohammed Abdullahi     Gafaru Olayiwola Olorisade     Alfa Belgore     Village Alive Development Association     Alfa Modibbo Belgore     Harmony Holdings     Jelili Yusuf     Kazeem Oladepo     Yoruba     Edu     Lafiagi     Ahmed Dankaya     Ilorin Emirate     Kwara State Health Insurance Agency    

Cloud Tag: What's trending

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

MMWG     Ubandoma     Sabitiyu Grillo     Muhammadu Buhari     Boko Haram     National Pilot     Kwara Muslim Pilgrims Welfare Board     Abdulhakeem Amao     National Union Of Road Transport Workers     Ministry Of Women Affairs And Social Development     Gamji Members Association     Kemi Adeosun     University Road     SWAN     Nigeria Association Of Women Journalists     Hydroelectric Power Producing Areas Development Commission     Abdulrazaq Sanni     Abdullahi Biffo     Tanke Road     Muhammed Akanbi     Owu Fall     IYA ALFA NLA     Abdulganiyu AbdulAzeez     2023 Elections     Ramadhan     Paul Olawoore     Ibrahim Akaje     Ilorin South     Mutawali Of Ilorin     Mahee Abdulkadir     ASUU     Henry Makinwa     Bello Taoheed Abubakar     Yaru     BIR     Oluronke Adeyemi     CKNG     Bolakale Ayo     Taofeek Ibraheem     John Mayokun Dada     Kawu     Yusuf Ali     Sa\'adu Gambari     Aminat Omodara     ER-KANG Mining     Laboratory-to-Product     Bayo Mohammed Onimode     Taibat Ayinke Ahmed     Mohammed Jimoh Faworaja     Isiaka Yusuf     Ile Arugbo     Adewuyi Funmilayo     The Herald     Oniyangi Kunle Sulaiman     Saeedat Aliyu     Government Girls’ Day Secondary School Pakata     Oniye     Memunat Monsuma     Marafan Shonga     Muideen Olaniyi Alalade     Tosin Saraki     Vasolar Consultoria     Adebara     Oju Ekun Sarumi     Rebecca Olanrewaju     Maimunat Oloriegbe     Mohammed Katsina Ahmed     Okedare     Razaq Atunwa     Ayobami Seriki     Seun Bolaji     Mohammed Halidu     Omotosho     Muhammed Taofeeq Abdulrazaq     UNIFEMGA     Alao Ayotunde     Yemi Sanni