The Federal Government has said that the Lagos-Calabar coastal road construction will take eight years to complete at a cost of N4 billion per kilometre.
The Minister of Works, David Umahi, made this disclosure on a Channels Television programme: “The Morning Brief.”
Umahi, who spoke on Thursday, said: “We are looking at eight years in the life tenure of Mr. President (Bola Tinubu).
“You know there are other projects not awarded by me that are also going for about N4 billion per kilometre.
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“So, I will pride myself, to the glory of God, that this project is the most prudent project that I’m starting.
“Other projects I made, we are reviewing, we are fighting, and we’re trying to review the cost.
“Well, I cannot sign my signature on that because it can come down, it can go up.”
Umahi said though the cost appears huge, there are plan to recoup the money invested by tolling.
He gave an analogy: “Let me leave out the infrastructure along the corridor.
“Let me just concentrate on the tolls and I put 50,000 vehicles as an average passage on these toll points per day.
“I put N3,000 as an average cost.
“N3,000 because the cars could be like N1,500, and the big trucks could be like N5,000.
“So, we put an average.
“In 15 years, you make back the money.”