The Federal Government has cut its budget for the Lagos-Ibadan Expressway from N66bn to N50bn in the 2016 Appropriation Bill, representing a drop of 24 per cent.
Currently undergoing reconstruction, the two contractors handling the project, Julius Berger Plc and Reynolds Construction Company (Nigeria) Limited, are being owed several billions of naira for the job executed.
They have vacated the road following the unpaid debts and a recent court injunction obtained by Bi-Courtney Highway Services Limited, setting aside a concession agreement granted Motorway Assets Limited to finance the project and manage it.
Not more than N50bn has been raised by the government for the N167bn road project, which is expected to be completed next year.
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