FG commits N16.6bn Sukuk Bond to South East roads

The Federal Government says it is investing N16.6 billion of the N100 billion Sukuk Bond on the rehabilitation of some roads in the South East zone.
The Director of Highways, South East, Federal Ministry of Works, Mr. Adetokunbo Sogbesan, made the disclosure in Enugu on Wednesday during a media tour of ongoing federal projects in the zone.
In October 2017, the Federal Government released the proceeds of the N100 billion Sukuk Bond to 25 key economic road projects across the country.
Sogbesan said that the investment was aimed at improving road infrastructure in the zone, adding that four road sections were covered by the fund.
He listed the sections as the Enugu-Onitsha Expressway, Enugu-Lokpanta, Lokpanta- Abia Tower and Abia Tower-Aba section of the Enugu-Port Harcourt Expressway.
At the 9th Mile-Enugu section of the Enugu -Onitsha Expressway, Sogbesan expressed satisfaction with the job done by the contractors, Reynolds Construction Company Ltd (RCC).
He said that the project which covered 58km was from Amansea in Anambra to Enugu.
a�?Forty kilometres of the road is in AnambraState while 18km is in Enugu section of the road. The contractors have achieved about 35 per cent completion of the project,a�? he said.
He said that with the quality of job being done by the contractors, the road would make its expected lifespan of between 20 years and 30 years.
Sogbesan, however, expressed concern on the heavy traffic flow on the road.
a�?I pray we get more funding so as to deliver this project at the right time. This project will improve transportation infrastructure.
a�?The micro-economy impact of this road will go a long way to help Nigerians,a�? he said.
Also, the Federal Controller of Works, Enugu, Mr. Oluropo Oyetade, told the News Agency of Nigeria (NAN) that monitoring of the project had been encouraging since the contractors reported to site.
Oyetade said that the contract with a completion period of 36 months was awarded in 2014 but was not funded till 2017.
He said that the job was expected to be delivered by December 2019.
The Acting Project Manager, Mr .Italy Zohar, said that the project started in 2017 after their mobilisation.
Zohar said that the contractors had complied with the relevant provisions on local contents as it affected the project.
Also, the Chairman of Enugu branch of the Nigeria Society of Engineers (NSE), Mr. Ifeanyi Ofili, commended President Muhammadu Buhari on his insistence on the use of local content.