ASABA—Delta State House of Assembly has approved Governor Ifeanyi Okowa’s request for the construction of the Beneku/Kwale bridge and approach roads in Ndokwa West and Ndokwa East Local Government areas under an alternative project financing arrangement with payment by way of Irrevocable Standing Payment Order, ISPO, for 33 equal consecutive monthly installments of N171,737,453.60, amounting to the contract sum of N5,667,335,967.48.
The House, which resumed plenary yesterday after adjourning on December 20, 2018 for the yuletide, also approved the construction of 5.085 kilometres network of paved road in Warri.
The governor, in a request letter to the House, said there was need to construct a bridge across the Ase creek to link Beneku community to provide succour for the people of the area who had relied on a local ferry for access over the years.
He said the State Executive Council approved the contract for the construction of the Beneku/ Kwale bridge and approach roads by DNL Engineering Limited under an alternative project financing arrangement with payment by way of Irrevocable Standing Payment Order ISPO for 33 equal consecutive monthly installments of N171,737,453.60 amounting to the contract sum of N5,667,335,967.48.
Okowa said the alternative project financing arrangement which is devoid of the usual interest payments associated with such contract financing will enhance the timely completion of the project remained at no extra interest cost to government.
Source:
www.vanguardngr.com/2019/02/delta-assembly-approves-n5-6bn-for-beneku-kwale-bridge/
