Senate seals deal on private sector funding of Lagos-Ibadan Expressway

The Senate has paved the way for the funding of the Lagos/Ibadan Expressway through Public/Private sector funding, sources in the legislature have said.

Sources in the National Assembly confirmed to the Nigerian Tribune on Thursday that Senate President Bukola Saraki led the negotiations that informed the deal to facilitate private sector funding of the reconstruction of the strategic Lagos-Ibadan Expressway.

Sources close to the discussions said that the private sector funding would last two years and that the Senate President led the Senate delegation “through successful engagements to facilitate necessary collaboration that will result in the complete rehabilitation of the strategic Lagos-Ibadan Expressway in two years, with private sector

funding.”

It was gathered that Saraki coordinated the major parties and interests to agree on the policy, funding and concession, while contractors currently engaged on the highway have agreed on major issues that will encourage private sector involvement.

The source further said: “This development will ensure that public funds that will be devoted to this vital national asset will be freed to be utilized on other federal highway across the country.”

He said that the arrangement will also guarantee that the highway will be completed within the next two years, which he said will constitute a major goal for the President Muhammadu Buhari administration.

According to the source, the Senate President is of the view that “the successful public asset management and private funding collaboration will further signal the capacity of the Nigerian economy to attract and expand the scope of private sector involvement in developing vital infrastructure.”