The 2nd Niger Bridge now on completion stage gulps N157 Billion amidst rising inflation

The 2nd Niger Bridge now on completion stage gulps N157 Billion amidst rising inflation


The federal government through its Presidential Infrastructure Development Fund (PIDF) managed by the Nigeria Sovereign Investment Authority (NSIA) says it has so far spent some N157bn on the Second Niger Bridge which is now confirmed will be ready for opening by October this year.

Zainah Ahmed, the finance minister, confirmed the funding and the completion date on Saturday 2nd April, 2022 during an inspection tour of the bridge, to ascertain the level of work at the construction site. Ahmed was accompanied by Farouk Gomel, the NSIA board chairman; Uche Orji, the managing director; as well as Onyeka Ibezim, the new deputy governor of Anambra State among other dignitaries.

The visit came barely three weeks after Ibrahim Gambari, chief of staff to the president equally toured the construction site to ascertain the extent of work on that bridge. Of recent, the projects which are being executed with the Presidential Infrastructure Development Funds, have seen their costs increasing as inflation bites harder, with the cost of major consumables, including diesel, petrol, bitumen, hitting the roof.

It was gathered that the costs of the projects were calculated on N162 per litre of petrol as against the current average cost of N250 per litre, while diesel cost was initially based at N350 per litre whereas the product now sells at N800 per litre. So far the three major PIDF projects have gulped over N1.3 trillion. The 11.59km 2nd Niger Bridge was estimated to cost N206, 151,693,014.87, while N160, 903,087,618.17 has been paid for the job now at 91.23 percent completion. The bridge is estimated to consume 761.85 tons of bitumen and 784,356.00 litres of diesel, when completed, it will not only ease the traffic gridlock usually experienced in the area but enhance commercial and other business activities within the communities.

“This is one of the very important projects in the country at about N206bn and we have been able to fund this project to the tune of N157bn, said the Finance Minister “I have come to see where this money is going. Also, the significance of today is that the two ends of the bridge are being linked together, which is the final phase of the work,” she said.

She expressed satisfaction with the level and standard of the construction under Julius Berger Nigeria Limited, and that she can now report to President Buhari about her findings on the bridge, which according to her “is very dear to the President.” “Technically, I can report to Mr President that I have seen where all the N157bn has gone to. This is a project that is very dear to the President and it is designed to uplift the lives and livelihood of the people of the South-East and other parts of the country. “We hope that when this project comes on stream, it will ease traffic, enhance commercial activities and improve the lives of the people of the state.

The project which links the Eastern part to the other parts of the country is designed to ease movement on that axis, ease the strain on the existing Niger Bridge, enhance commercial activities, trade and also improve the lives of the citizens in the South East and South-South states.