Flooding: FEC Approves Over 100% Increase in Cost of Completion of East-West Road
The Federal Executive Council (FEC) on Wednesday approved the variation order for the East-West road project sections 1-4 from N246 billion to N506 billion. Vice President Yemi Osinbajo (SAN) presided over the meeting.
The total contract sum for the outstanding sections 1-4 of the East-West road project was reviewed upwards from N246 billion to N506 billion.
The Senior Special Assistant to the President on Media and Publicity, Office of the Vice President, Laolu Akande, briefed State House correspondents after the FEC meeting on Wednesday at the Presidential Villa, Abuja.
FEC also approved the establishment of a Planetarium and Museum at the National Space Research and Development Agency (NASRDA).
The projects which will adopt and Equip, Operate and Maintain Public Private Partnership Model, followed regulatory guidance of the Infrastructure Concession Regulatory Commission (ICRC).
The project is designed to run for a concession period of 15 years and will generate a total of 30 Billion Naira to both the Federal Government and the Private Sector Investor.
A Planetarium is a domed building in which images of stars, planets, and constellations are projected for public entertainment or education.
The projects will be executed through the National Space Research and Development Agency (NARSDA) with a concessionaire.
Giving insights into the Planetarium and Museum projects, the Director General of the ICRC, Michael Ohiani said that the projects will boost the nation’s tourism sector and stem capital flight.
He said that a total of 2,160 visitors are expected every week, out of which 360 will engage in the sky diving section and 1,800 visitors for other tourist activities.
