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FG disburses N18.3b counterpart funds for Second Niger Bridge


bridge_1* Cost now raised to N117b 

The Nigerian Sovereign Investment Authority (NSIA)- managers of the more than $2 billion Sovereign Wealth Fund (SWF)- has given a status report on the ongoing Second Niger Bridge project under a joint public, private partnership between the Nigerian Government and some private equity capital firms, including the NSIA.

According to the NSIA, the Nigerian government has so far disbursed N18.3 billion of her N30 billion commitment to the project, adding that the Fund too has so far spent $2.1 million on consultancy services. The information is contained in a status report on the project released by the NSIA in Abuja.

The total cost of the project was estimated at N108 billion at conception but it has gone up to N117.9 billion due to the falling value of the Nigerian currency in relation to other world currencies.

While reporting the progress status of the Second Niger Bridge, the Vice President, Infrastructure Investment and Special Advisor to the Managing Director and Chief Executive Officer of the Project, Mr. Obinna Ihedioha, said it was initially estimated to cost N108billion, excluding duties and VAT (if duties and VAT are included), regretting that the project cost is now N117.9billion.

He gave reason for the increase in cost: “This was equivalent to $700million at the then prevailing exchange rate of N154/$. The final project cost would naturally be affected by exchange rate fluctuations and other variables.” The bridge will be constructed and operated on a Design, Build, Finance, Operate and Transfer (DBFOT) basis.

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  • Bola Jude

    Adams Oshomole should be arrested and prosecuted for misinforming Nigerians and raising false alarm that N140billion had been disbursed for only consultancy fee. False information on its own is corruption and capable of causing pandemonium and hatred in the nation.

    • charlieakpeumoh

      I fully agree with you, my brother! Mr.
      Oshiomohle is not only a “mis-informer”, but also a Nigerian
      “black Judas”, who wined and dined with the previous govt. of GEJ;
      then willingly posing as the best “Trade Union disputes negotiator”
      between the previous govt.’s officials and ASSUU (whatever!). Then he was
      parading himself as a trusted adviser to GEJ. Of course GEJ was so
      “clueless” that, he always welcomed all these “midnight
      cowboys” with open arms! How not to be reckless in Nigerian politics, you
      might say! Today and these days, he, “black Judas” Oshiomohle is
      shamelessly denouncing that same govt. of GEJ and has single-handedly become a
      “megaphone” of the Buhari regime! Should such a person be ever
      trusted with State secrets? Who knows what he might be doing tomorrow? Isn’t he
      merely a dangerous “fortune seeker” in today’s Nigerian political
      scene, may I ask?

  • Joseph

    Why would you stop a project because of mere allegations?

  • biafra4good

    Is Oshomole listening? This is not NLC claims and counter claims,strikes and counter strikes,negotiations and counter negotiations,call-offs and counter call-offs. It is real records backed up with clear-cut documents. Allegations are not just made because you can handle the microphone or because you have the priviledge of talking to the media.
    Take things easy,Oshomole.


    Oshomole is abuja rat.GOD WILLING second niger bridge is a reality.