Lagos-Calabar coastal highway to gulp N2.8trn – Umahi


Minister of Works, David Umahi, Denies Claims of N8bn/km Cost for Lagos-Calabar Coastal Highway Project

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Minister of Works, David Umahi, has refuted earlier reports suggesting that the Lagos-Calabar coastal highway project would cost N8 billion per kilometer. Instead, he clarified during an interview on Arise Television that the actual cost is estimated at N4 billion per kilometer.

Umahi addressed concerns about the project, which spans from Lagos to Calabar and is projected to total around N2.8 trillion. He dismissed allegations of irregularities in the procurement process, stating that the contract was awarded based on a counter-funding model, not a Public-Private Partnership as suggested.

Former Vice President Atiku Abubakar had raised questions regarding the transparency of the project’s cost, prompting Umahi to attribute the increased costs to inflation and disruptions in the construction industry’s supply chain. However, Umahi assured that the Ministry is dedicated to ensuring responsible spending.

The completion timeline for the highway project is set at eight years, with plans for a four-lane carriageway featuring concrete pavement. Umahi clarified that although N1.06 trillion was allocated for the project, the entire amount has not yet been disbursed.

Umahi emphasized the distinctions in design between the current project and the one previously mentioned by Atiku, highlighting a broader scope and additional features in the coastal road design. He elaborated on the cost comparisons between the two designs, concluding that the actual cost per kilometer is N4 billion, significantly lower than previously speculated.

Regarding the construction process, Umahi clarified that the project was not conceived under a Public-Private Partnership but rather through an Engineering, Procurement, Construction, and Finance program, similar to the Abuja-Markurdi road project.

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OyinyeChukwu Paula
OyinyeChukwu Paulahttp://Vetiva%20Research
OyinyeChukwu Paula Position: Business Journalist, Naija247news OyinyeChukwu Paula is an accomplished business journalist contributing her expertise to Naija247news, one of Nigeria's leading news platforms. With a keen interest in economic affairs, financial markets, and corporate developments, Paula brings a wealth of knowledge to her reporting, delivering insightful analyses on the dynamic business landscape in Nigeria and beyond. Education: Paula holds a degree in Journalism from [Abia State University], where she honed her skills in investigative reporting and business journalism. Her academic background laid the foundation for her commitment to delivering accurate and timely news with a business-focused perspective. Professional Experience: Having amassed experience in the field, Paula's journalistic journey has been marked by a dedication to uncovering stories that impact the business community. Her work spans interviews with key industry figures, coverage of market trends, and in-depth analyses of economic policies. Areas of Expertise: Financial Markets: Paula provides comprehensive coverage of financial markets, offering insights into stock movements, currency fluctuations, and economic indicators. Corporate Affairs: With a focus on corporate activities, Paula delves into mergers and acquisitions, financial reports, and the strategies employed by leading companies. Economic Policy: Keeping a watchful eye on government policies, Paula explores their implications on businesses and the broader economy, providing readers with a nuanced understanding of economic developments. Contributions to Naija247news: Paula's bylines at Naija247news reflect her commitment to delivering quality journalism. Whether unraveling complex financial narratives or simplifying intricate economic concepts, she ensures that her audience is well-informed and empowered. Passion for Business Journalism: Beyond the newsroom, Paula is known for her passion for business journalism's role in fostering transparency and accountability. She believes in the power of information to drive positive change and economic growth. In a media landscape marked by rapid changes, OyinyeChukwu Paula stands out as a dedicated business journalist who continues to shape the discourse on economic matters, contributing significantly to Naija247news's mission of delivering credible and impactful news.

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