The federal government has given approval for the disbursement of the sum of N185 billion for the construction and dualisation of the Calabar-Itu highway.
The money forms part of the N621 billion tax credit scheme of the Nigerian National Petroleum Company (NNPC) to finance the reconstruction of 21 federal roads.
The Senior Special Assistant to the President on Niger Delta Affairs, Ita Enang, made the disclosure while briefing journalists after a tour of the project on Wednesday.
He stated that the project was awarded in three tranches, with Julius Berger being awarded the first phase for N54 billion.
Enang stated that Julius Berger has commenced works on the axis between Odukpani in Cross River state and Ibiono in Akwa Ibom state.
He also added that the sum of N52 billion was approved for another construction firm, Chinese Civil Engineering and Construction Company (CCECC) while SEMATECH was given the sum of N79 billion for road construction and four bridges.
Enang stated that the delay in the construction of the roads was as a result of paucity of funds.
He, however, gave assurance to stakeholders that with the funds readily available the project would be completed with dualised carriage by April 2023.
“We have been having problems getting funding for the road, but Mr President has asked me to assure you that we raised money from the tax credit window from the Federal Inland Revenue Service to the NNPC to fund critical infrastructure, mainly road infrastructure,” the presidential aide said.
“Out of the over N600bn raised from the NNPC as a tax credit, a great part-that is N185bn-has been dedicated to this road. The road was awarded in three tranches. The first money that was available was N54bn and was for Julius Berger, N52bn to CCECC and the last N79bn to SEMATECH Engineering.
“This road was designed for dualization since 1972 and only one lane of the four lanes was constructed believing that others would be constructed since then.
“Thank God, President Mohammadu Buhari has started constructing other lanes with four bridges, and he has promised to complete it within the time frame.”
He urged Nigerians to be patient and supportive with the contractors in charge of the projects.
