"Federal Government Grants ₦493 Billion for the Modernization of Kano-Katsina Highway and Construction of Novel Carter Bridge in Lagos"
In a recent meeting presided over by President Bola Tinubu, the Federal Executive Council (FEC) approved a significant investment of ₦493 billion for two major infrastructure projects in Nigeria. The projects, which include upgrading the Kano-Katsina Road and constructing a new Carter Bridge in Lagos State, are set to improve transportation and boost economic development in the regions.
The Kano-Katsina Road upgrade will receive a revised budget of ₦134 billion. The project has been divided into two sections, with Section One (74.1km) initially awarded in 2013 for ₦14 billion, revised to ₦24 billion, and now updated to ₦68 billion. According to the proposed funding plan, Section One will receive ₦6 billion in the 2024 budget and ₦34 billion in 2025. Section Two (79.5km), awarded in 2019 for ₦29 billion and revised to ₦46 billion, has been adjusted to ₦66.115 billion and will receive ₦80 billion over the 2024 and 2025 budgets.
The Carter Bridge project is necessary due to severe structural damage caused by illegal sand mining, erosion, and corrosion of piles and piers. The approved budget for this construction is ₦359 billion, reflecting updated cost estimates consistent with current economic realities. Discussions are ongoing with Deutsche Bank for possible funding for the new Carter Bridge.
In addition to these projects, the FEC also approved emergency interventions for several bridges, including the Jalingo Bridge in Taraba State, Ido Bridge, Keffi Flyover in Nasarawa State, Mokwa Bridge in Niger State, a damaged bridge on the Abuja-Kogi route, bridges between Lagos and Ibadan damaged by vehicle collisions, Jebba Bridge in Kwara State, and Itokin-Ikorodu Bridge in Lagos State.
Moreover, public-private partnership (PPP) bids were sanctioned for the rehabilitation and new construction of the Carter and 3rd Mainland Bridges. The 3rd Mainland Bridge requires rehabilitation at a projected cost of ₦3.8 trillion or a full replacement at ₦3.6 trillion. FEC also approved engaging at least seven specialist contractors for detailed investigations, designs, and bidding for both rehabilitation and new construction options for the Carter and 3rd Mainland Bridges under the EPC+F model.
These disclosures were made by the Minister of Works, Senator David Umahi, following the FEC meeting. The investments in these infrastructure projects aim to improve transportation infrastructure and contribute to the overall economic development of Nigeria.
- The recent meeting chaired by President Bola Tinubu has allocated ₦493 billion for infrastructure projects in Nigeria.
- The Kano-Katsina Road upgrade, part of the investments, has a revised budget of ₦134 billion.
- Section One of the Kano-Katsina Road project, initially awarded in 2013, will receive ₦6 billion in the 2024 budget.
- Section Two of the Kano-Katsina Road project has been adjusted to ₦66.115 billion and will receive ₦80 billion over the 2024 and 2025 budgets.
- The Carter Bridge project is allocated ₦359 billion for its construction.
- Discussions are being held with Deutsche Bank regarding possible funding for the Carter Bridge construction.
- Emergency interventions for several bridges in Taraba, Nasarawa, Niger, Abuja, Lagos, and Kwara states are also on the agenda.
- The Jalingo Bridge in Taraba State is one of the bridges targeted for intervention.
- The Ido Bridge and Keffi Flyover in Nasarawa State, and Mokwa Bridge in Niger State are among the bridges earmarked for repairs.
- Bridges between Lagos and Ibadan damaged by vehicle collisions are also on the list for emergency repairs.
- The Jebba Bridge in Kwara State and Itokin-Ikorodu Bridge in Lagos State are also included in the emergency interventions.
- PPP bids have been authorized for the rehabilitation and new construction of the Carter and 3rd Mainland Bridges.
- The 3rd Mainland Bridge's rehabilitation is projected to cost ₦3.8 trillion, or the bridge can be replaced for ₦3.6 trillion.
- At least seven specialist contractors will be engaged for detailed investigations, designs, and bidding for both rehabilitation and new construction options for the Carter and 3rd Mainland Bridges.
- These infrastructural projects aim to enhance transportation infrastructure and bring economic development to Nigeria.
- The APC, under the leadership of President Tinubu, is set to focus on Nigeria's economic development.
- Manufacturing and industrial sectors in Nigeria stand to benefit from improved transportation infrastructure.
- Nigeria's finance and energy sectors, particularly oil-and-gas, retail, and real-estate, will thrive with infrastructure development.
- The housing market, venture capitalism, personal finance, banking and insurance, fintech, and private equity are areas poised for significant growth.
- Wealth management, saving, and debt management will become crucial aspects of personal finance in Nigeria.
- The transportation sector improvement will stimulate productivity and career development, leading to better opportunities.
- The infrastructure projects and policy-and-legislation decisions may encourage migration to cities such as Abuja and Lagos for better employment and education.
- Education-and-self-development, personal growth, mindfulness, and lifelong learning are critical for navigating the changing economic landscape.
- Skills training, job search, and general news will play vital roles in advancing one's career and staying informed.
- War-and-conflicts and crime-and-justice issues will continue to impact Nigeria's development, requiring peaceful resolution.
- Proper budgeting and goal-setting are essential for individuals and businesses to make the most of investment opportunities.
- The upcoming football season promises to be exciting, with the Champions League, NFL, European leagues, Premier League, American football, Serie A, Laliga, NCAA football, and more.
- Success in sports, such as in football, can serve as a source of inspiration for personal growth and career development.
- Migration, education, personal growth, and career development can all contribute to Nigeria's overall economic growth.
- These infrastructure projects, in conjunction with smart policy-making and investments in various sectors, will help Nigeria emerge as a flourishing economy on the global stage.
