The Federal Government has approved the construction of the Agbara-Seme border section of the Lagos-Badagry expressway under the Nigerian National Petroleum Corporation (NNPC)’s N15 billion tax credit fund.
Federal Controller of Works in Lagos State, Olukayode Popoola disclosed this on Sunday, saying that the intervention funding would fast track the ongoing reconstruction of the road.
Popoola said that the NNPC fund would be used for the section where CGC Construction Company was working between Agbara to Seme border, noting that the contractors had never moved out of sight.
However, he could not confirm whether the N15 billion NNPC Tax Credit fund had been released, saying that funding issues were being handled by the accountants.
Popoola said that the last SUKUK funds allocated to the project were still running, adding that the project was progressing and close to 20 per cent completion.
Also, the controller said that about 14 kilometres of drainage works had been done with 6 kilometres of the main carriageway completed to the final layers.
He explained that alternative sources of funding, including the SUKUK and NNPC Tax Credit scheme, were deployed by the Federal Government to resolve funding constraints on the project, assuring that the speed, as well as the rate of progress,s would increase by 2022.
The The46-kilometres Lagos-Badagry expressway project, a Trans-West African coastal highway, which connects Lagos with some West African countries, was awarded to CGC Construction Company in October 2018forf for N63.2 billion.
Recall that in October, the collapsed Lagos-Badagry expressway was one of the 21 federal roads approved by the Federal Executive Council (FEC) for reconstruction by the newly incorporated Nigerian National Petroleum Corporation (NNPC) Limited under the Tax Credit Scheme initiative
