The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, has indicated that the federal government saved about N48 billion from the Second Niger Bridge project, which contract was valued at N205 billion, but executed at N157 billion.
Ahmed also said the federal government created about 20,000 jobs as a result of the project, which has been described as iconic and central to the economic prosperity of the South-eastern region of the country.
The finance minister spoke Saturday during an inspection of the Second Niger Bridge project with the Managing Director of the Nigerian Sovereign Investment Authority (NSIA), Mr. Uche Orji.
“Today is a very significant day in the construction circle of the second Niger bridge, this is one of the most iconic projects in the country costed at an initial contract cost of N205 billion.
“Today, we have been able to fund this project with N157 billion and I’m here to see where all this money is going to. And also, the significance of today is that the two ends of the bridge are being put together and this is the final phase of the work in truly competing the project and the finishing work of the bridge.
“So technically, I can report to Mr. President that I have seen where all the N157 billion has gone to. This is a project that is very dear to the President and it is designed to uplift the lives and livelihood of the people of the South-East and other parts of the country and we do hope that when this project comes on stream, it will ease traffic, will enhance commercial activities and improve the lives of the people of the state,” the minister explained.
The minister disclosed the project created up to 20,000 jobs.
Ahmed described the second Niger Bridge as a very significant project for the federal government.
She expressed satisfaction on the pace and quality of the job done by both the NSIA and Julius Berger.
On the funding structure of the project, Orji noted that the second Niger Bridge was one of the three projects being funded from the Presidential Infrastructure Development Fund.
The other two projects, according to him, are the Abuja-Kaduna-Kano Road project and the Lagos-Ibadan express road project.
Orji explained that: “The PIDF is a special fund set up by PMB managed by the NSIA. The NSIA brought some of its own capital and the capital provided by the federal government and the capital from returned loot from Sani Abacha.
“So, when you said PPP, it is the NSIA and the partnership of the federal government and NSIA is the one coordinating the fund from investors.
“So, as it stands now, it is purely the NSIA and the federal government that is the face of the project today.
“The NSIA is an investment institution owned by all the states, the federal and local government and other shareholders of the NSIA. So, that is the nature of the project.
“In terms of other people that will invest in the project, they will come under the NSIA coordination.”
Kunle Aderinokun
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