The Agbara-Seme border section of Lagos-Badagry Expressway project will receive N15 billion of tax credit fund from the Nigerian National Petroleum Corporation.
This was revealed on Sunday in Lagos by the Federal Controller of Works in Lagos State, Olukayode Popoola.
Popoola told the News Agency of Nigeria that the intervention funding would fast track the ongoing reconstruction of the road.
NAN reports that the 46km highway was awarded to CGC Construction Company in October 2018 at a cost of N63.2 billion.
The Lagos-Badagry Expressway is part of the projects NNPC is funding under the Tax Credit Scheme among the 21 roads selected nationwide.
Popoola said: “NNPC fund that is coming is about N15 billion.
“It will be used for the section where CGC is working between Agbara to Seme border.
“The contractor has never moved out of site.
“They are on site and are working as we are talking.”
He, however, could not confirm whether the N15 billion NNPC Tax Credit fund had been released, saying that funding issues are handled by the accountants.
Popoola said the last SUKUK funds allocated to the project was still running, adding that the project was progressing and close to 20 per cent completion.
According to him, about 14km of drainage works had been done and 6km of the main carriageway completed to the final layers.
He said 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.
“The speed, the rate of progress will increase in 2022,” he said.
Speaking on the ongoing Apapa-Oshodi-Ojota-Oworonshoki Expressway reconstruction/rehabilitation project, Popoola said that Sections 1, 3 and 4 had achieved 90 per cent completion.
He said major work on the three sections had been completed and the lanes were opened to traffic, adding that only lane markings and street lights installations were yet to be done.
NAN reports that Section One of the project spans from Apapa Port Gate to Beach Land Estate Bus Stop area, while Section Three is from Cele Bus Stop to Anthony.
Section Four of the Apapa-Oshodi-Ojota-Oworonshoki Expressway project spans from Anthony Bus Stop to Ojota Bus Stop area.
Popoola said there would no longer be hitches with construction speed as the initial challenges of trucks and port congestion that slowed down the project for about six months had been resolved.