Lagos-Ibadan Expressway Project To Cost N315 billion
So far, the Federal Government (FG) has approved about N240 billion for the reconstruction of the Lagos-Ibadan Expressway, out of a total of N315 billion which is the project’s contract value, Saturday Tribune has gathered.
The highway, on which wok has stalled over time, connects Lagos, Ogun and Oyo States, and it leads to various regions of the country.
The project has been stalled due to funding problems, change in original construction plan, macroeconomic indices, among others.
The Federal Government had initially made a concession agreement with Wale Babalakin’s Bi-Courtney to rebuild and manage the road for 25 years, but after the company failed to make any progress, the government, on November 19, 2012, terminated the contract.
As a result, former President Goodluck Jonathan’s administration, in July 2013, flagged off the reconstruction of the high and awarded the project to Julius Berger Nigeria and Reynolds Construction Company Nigeria at a cost of N167billion with a completion period of 4 years.
The sections of the expressway being reconstructed are section I (Lagos to Sagamu Interchange) and section II (Sagamu Interchange to Ibadan).