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The Agbara-Seme Border section of Lagos-Badagry Expressway project will receive N15 billion of NNPC tax credit fund, Federal Controller of Works in Lagos, Olukayode Popoola, has said.
Popoola told the News Agency of Nigeria (NAN) in Lagos on Sunday that the intervention funding would fast-track the ongoing reconstruction of the road.
NAN reports that the 46 km highway was awarded to CGC Construction Company in October 2018 at a cost of N63.2 billion. Lagos-Badagry Expressway is part of the projects NNPC is funding under the Tax Credit Scheme among the 21 roads selected nationwide.
“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 have never moved out of site, they are on site and are working as we are talking,’’ the controller said.
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 14 kilometres of drainage works had been done and six kilometres 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.
