The Oyo state Government has stated that it is making a frantic move to further improve on its road infrastructures as one of its economic drivers in term of road network which is targeted at boosting the state economy.
The state Commissioner for Public Works and Transport, Professor Daud Sangodoyin, accompanied by Commissioner for Education, Science and Technology, Barrister Olasunkanmi Olaleye and the Chief Press Secretary to Governor Seyi Makinde, Mr Taiwo Adisa, made the disclosure on Wednesday 17 March, during a press briefing at the Oyo state governor’s office after arising from its 7th edition of Oyo state executive council meeting chaired by Governor Seyi Makinde.
Prof Sangodoyin explained that the project was initially awarded by the last administration in 2017 at a cost of N1.4 billion but was terminated last year by the current administration following the failure of the initial contractor the contractor was awarded to.
The project according to Prof Sangodoyin, has now been reawarded to a new contractor, Messer Peculiar Ultimate, at a new sum of N1.058 billion.
He stated that the new contract arrangement is done under Alternative Project Funding Approach (APFA), adding that the contractor is expected to attain at least 20 percent completion rate before the state government will effect its financial obligations to the contractor.
He added that the expected period of project completion is six months but the contractor must attain 20 percent completion within the first three months before Oyo state government will pay 20 percent of the total contract sum.
Speaking further, Professor Sangodoyin explained that the balance of the total contract sum will be spread over a period of twelve calendar months.
He explained that the new financial approach to contract awarding to the Fly-Over bridge construction has helped Oyo state government saved about N40 million from wastage.
He noted that the bridge when completed will greatly improve the socio economic welfare of the state and make human and vehicular movement more comfortable within Ibadan metropolis especially along Akobo-Odogbo axis.
