Landing cost of petroleum products may have impact on pump price- Report


The Federal Executive Council (FEC) on Wednesday approved the sum of N19. 352 billion for road projects in the Federal Capital Territory (FCT), Oyo and Kano States.

Briefing State House correspondents on the outcome of the meeting presided over by President Muhammadu Buhari, the Minister of Works and Housing, Babatunde Fashola, who disclosed this said the approval followed the two memoranda he presented for the council’s consideration.

He explained: “The first memorandum was to approve the change of rates with respect to Efon-Elaaye, Erimo-Iwaraja linking Ekiti and Osun States. That road was awarded in 2009, the contractor had achieved about five per cent of the works so we are trying to complete that road.

“It has been slowed down by previous years of insufficient budget and during that period, the price at which it was awarded and today’s material prices have altered significantly cement, iron rod, labour, diesel, petrol and all of that. So he is asking for a revision which has been approved.

“We have also extended completion period for him by six months so we are hoping that this is one of the roads that will be completed in the new year. I think with the news of this approval he will have comfort now to go back and work. The review is N523. 826 million.

“The second memorandum we presented was for the award of three roads in Igboho-Oloko-Agbonle in Oyo State and Gulu to Yaba town between the Federal Capital Territory and Niger State as well as Sharada to Maidobi and Danbaure in Kano State.

 “Council approved these roads for N7.249 billion for the first one in Oyo, N7.593 for the second one in Niger/FCT and N4.510 for the third one in Kano. ”

Fashola said he had apprised the council of the number of road projects implemented so far across all States of the federation.According to him, 524 roads are currently ongoing while 43 internal roads are being constructed in campuses of the nation’s universities.

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