Minister of Works, David Umahi, has said the Lagos-Calabar coastal road would be completed in eight years and cost N4 billion per kilometre.
He disclosed this during a live programme yesterday, stating: “We are looking at eight years in the life tenure of Mr President (Bola Tinubu).
The minister said the N4 billion per kilometre bill followed the current administration’s prudence.
The immediate past governor of Ebonyi State went on: “You know, there are other projects not awarded by me that are also going for about N4 billion per kilometre.
“So, I will pride myself, to the glory of God, that this project is the most prudent project that I’m starting. Other projects I made, we are reviewing, we are fighting, and we’re trying to review, the cost.”
Umahi, however, said the cost is a tentative one.
“Well, I cannot sign my signature on that because it can come down, it can go up.
“But there are plans to recoup the money via tolling.
“Let me leave out the infrastructure along the corridor. Let me just concentrate on the tolls and I put 50,000 vehicles as an average passage on these toll points per day,” he added.
The minister explained further: “I put N3,000 as an average cost. N3,000 because the cars could be like N1,500, and the big trucks could be like N5,000.
“In 15 years, you make back the money.”
He said engagements with affected property owners would commence next Wednesday.
According to him, this will be the first phase in the determination of compensation for them.
“We will engage every owner property by property from next week Wednesday. However, shanties will not be considered,” he clarified.