NNPC to fund Lagos-Badagry road construction with N15 bn
The Federal Government has resolved to fund the on-going reconstruction of the Lagos-Badagry Expressway with N15 billion from the Nigerian National Petroleum Corporation (NNPC) Tax Credit Fund, to address the financing constraints hindering the progress of the project.
Lagos State’s Federal Controller of Works, Olukayode Popoola, on Sunday, made this known during an interview with the News Agency of Nigeria (NAN).
Popoola said the fund is to enable the continuation of work at the Agbara-Seme border section of the road.
He also disclosed that the road rehabilitation is close to 20% completion, and work is in progress, at the site being handled by Chinese construction company, CGC Overseas Construction Group Co. Ltd.
He said that about 14 kilometres of drainage works has been done, and about 6 kilometres of the main carriageway have been completed up to the final layers.
“NNPC fund that is coming is about N15 billion. It will be used for the section where CGC is working between the Agbara to Seme border.
“The contractor never moved out of site. They are on site and are working as we speak,” he said.
Popoola who gave the assurance that rate of work progress will increase by next year, added that the Sukuk fund (an Islamic liquidity management instrument used by governments and corporations to fund large-scale projects), earlier allocated for the project is currently being used for the reconstruction.