Umahi: Lagos -Calabar Coastal Highway will be ready in seven years

The Federal Government will recoup its investment on the Lagos-Calabar Coastal Highway project through 15 years of tolling, Works Minister

However, Atiku yesterday maintained that the project is a fraud, chiding Umahi for claiming that the coastal highway will tentatively cost N15.6 trillion. He alluded to Hitech’s successful projects like Eko Atlantic, which involved controlling the ocean, and previous concrete pavement road projects, saying that the company has a track record.

“We are finalizing the design of Section 3 which is from the end of the project in Calabar, rolling towards Akwa Ibom that is about 65 kilometers. He said the project is an EPC plus F project by Hitech, which was initiated by the President when he was the Lagos State governor, is funded by the African Development Bank .He said: “I also have to pay counterpart funding but I took my counterpart fund to build some sections of the road. So part of what we are committing on Sections 1,2 and 3 funded by the Federal government is still going to fall under the percentage counterpart funding of the Federal government when negotiation is completed.

“When you run the figures, you’ll find out that under the former VP’s calculation, it is given that 19.% per kilometer. Now divide it by the 22-kilometer stretch they are doing which is about 2.225 times a standard superhighwacarriagewayay which is 11.54 “Even at that, when we compare the cost of a similar project, Boddo-Bonny five years ago was about 5.123b per kilometer done on flexible pavement.The minister also disclosed that the project would come at no job loss to the communities along the corridor.

Umahi however, added that the funding of the Federal Government’s part of the project would be sourced from the Infrastructure Fund.He said: “Umahi had announced that the project would be fully funded by Hitech, and based on this, there was no competitive bidding. He then turned around to say that Hitech could only raise just 6% of the money for the pilot phase. This smacks of deceit.

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