The Nigeria Sovereign Investment Authority (NSIA) has restated its commitment to the Second Niger Bridge project, assuring that barring unforeseen problems the bridge would be constructed and delivered in 48 months.
The agency also said only $2.21million has so far been expended on consultancy for the project as against the N140 billion declared by Governor Adams Oshiomhole of Edo state. Oshiomhole had alleged that the NSIA had spent about N140billion on consultancy. He also claimed that $700 million was surreptitiously moved from the Sovereign Wealth Fund (SWF), for the second Niger bridge project.
Former President Goodluck Jonathan, last year performed the groundbreaking ceremony for the construction of the bridge, with the construction billed to be completed in 48 months.
The 11.9km length bridge was structured under the Public Private Partnership (PPP) arrangement, using Design, Build, Finance, Operate and Transfer (DBFOT) model.
Acting through its wholly owned subsidiary, NSIA Motorways Investment Company (NMIC), the NSIA is collaborating with the Federal Ministry of Works and Julius Berger Investment (JBI) as joint sponsors on the financing, development and construction of the bridge.