FG to Spend N19.52b on Oyo, Kano Roads, Others

  • FG to Spend N19.52b on Oyo, Kano Roads, Others

The Federal Executive Council (FEC) on Wednesday approved N19.52 billion for roads in Oyo, Niger, Kano and the Federal Capital Territory.

In the meeting presided over by President Muhammadu Buhari, another N523 million was approved as a reviewed payment for the Efon-Elaaye-Erimo-Iwaraja road that linked Ekiti and Osun states. The projected was awarded in 2009 when costs and the exchange rate were better.

Mr Babatunde Fashola, the Minister of Works and Housing, who spoke with the press after the meeting, said “That road was awarded in 2009; the contractor had achieved about five per cent of the work; so, we are trying to complete that road.

“It was slowed down in previous years due to insufficient budget. During that period, the price at which it was awarded and today’s material prices have altered significantly.”

According to him, the FEC approved N7.24 billion of the N19.52 billion for the Igbo-Oloko-Agbole road in Oyo, while N7.52bn was approved for another road in Gulu town and Yaba town from Niger State to the FCT.

The minister further stated that N4.5 billion was approved for Sharada to Madobi and Dambori road in Kano state.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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