Onitsha-PH road in worst state as FG claims investing N16bn Sukuk Bond on S’East roads
Serious doubts from leaders of though in South East Nigeria have started trailing recent claims by the federal government that it has invested N16.6 billion of the N100 billion Sukuk Bond for the rehabilitation of some roads in the South East geopolitical zone.
This stemmed from the current bad state of the Onitsha-Ihiala-Owerri-Port Harcourt federal highway which had been adjudged as the major road driving businesses and social activities and businesses will have bear the brunt again as rainy season approaches.
Earlier in the week, a federal lawmaker, Hon. Obinna Chidoka, member representing Idemili North and South at the Federal House of Representatives toured the currently impassible Onitsha-Owerri highway and expressed disappointment on the federal Ministry of Works for neglecting the road which remains the busiest highway driving socio-economic activities in the zone.
Addressing newsmen during the tour, he said he had already sponsored a motion for the quick intervention of the gateway expressway to save businesses on the axis.
According to him, “If nothing serious is not done on the road, businesses and social activities will suffer in the zone. We are very much of an entrepreneurial and a trading society. That means that if nothing is done fast, Onitsha market, which is about the biggest in West Africa will be threatened as many traders will be cut off due to bad state of the Owerri-Port Harcourt expressway.
“This road is the major road used even by several South-South states in reaching other parts of the country. These are some of the reasons why the road should be considered by the government for immediate facelift before the rains,” Hon. Chidoka averred.
Apart from the above highway, the Owerri-Aba road is also in very sorry condition even the rains are underway, thus meaning that both social and economic activities will be down for too long in an economy that is struggling to find its footing after recovering from recession.
However, the federal government insists that a whooping N16.6bn had been spent on federal highways in the same zone.
According to the director of Highways, South East, Federal Ministry of Works, Mr Adetokunbo Sogbesan, “In October 2017, the federal government had released the proceeds of the N100 billion Sukuk bond to 25 key economic road projects across the country”.
Making the disclosure in Enugu during a media tour of ongoing federal projects in the zone which did not include the troubled Onitsha-Owerri highway, he said the investment is aimed at improving road infrastructure in the zone, adding that four different road sections were covered by the fund. He listed the sections to include the Enugu – Onitsha expressway, Enugu – Lokpanta, Lokpanta – Abia Tower and Abia Tower – Aba section of the Enugu – Port Harcourt expressway.
During a stopover at the 9th Mile – Enugu section of the Enugu – Onitsha Expressway, Sogbesan expressed satisfaction on the job done so far by the contractors, Reynolds Construction Company Ltd (RCC).
He said the project, which covered a distance of 58km, is from Amansea in Anambra to Enugu. “Forty kilometres of the road is in Anambra while 18km is in Enugu section of the road. The contractors have achieved about 35 per cent completion of the project,” he said. He said that with the quality of job being done by the contractors, the road would make its expected lifespan of between 20 years and 30 years.
Sogbesan, however, expressed concern over the heavy traffic flow on the road, saying “I pray we get more funding so as to deliver this project at the right time. This project will improve transportation infrastructure. The micro-economy impact of this road will go a long way to help Nigerians”.
In his remarks, the federal controller of Works, Enugu, Mr Oluropo Oyetade, said monitoring of the project had been encouraging since the contractors reported to site.
According to him, the contract with a completion period of 36 months was awarded in 2014 but was not funded till 2017, just as he noted that the job is expected to be delivered by December 2019.
However, only yesterday, the Minister of Power, Works and Housing, Mr. Babatunde Fashola has explained that to finance road/bridge projects through Tax Relief and Islamic banking “Sukuk” cannot be enough to provide infrastructure development in Nigeria. He added that Infrastructure Bond Instrument will complement government efforts at providing the needed critical infrastructure to end users.
He made the revelation while playing host to visiting institutional investors, including HSBC, China group 3 and 4 led by the managing director of Stanbic IBTC, Dr. Damola Sogunle, in his office in Abuja.
