Afrigather To cushion the infrastructure funding hole in Nigeria, President Muhammadu Buhari’s administration devised fiscal methods via the usage of tax credit and bonds to fund the redevelopment of bridges on federal highways.
In 2018, the administration established the Presidential Infrastructure Improvement Fund (PIDF) aimed toward fast-tracking the completion of crucial infrastructure initiatives.
In January 2019, Buhari signed Govt Order 7, which establishes the Corporations Earnings Tax Street Infrastructure Improvement and Refurbishment Funding Tax Credit score Scheme.
This credit score scheme is aimed toward attracting the general public personal partnership financing mannequin into street development in Nigeria. By this scheme, infrastructural funding is sourced from the Sukuk Bond.
Underneath the above two funding fashions, about seven bridges have benefitted since then: the Second Niger Bridge, Ibi Bridge, rehabilitation of the Third Mainland Bridge, Ikon Bridge in Cross River, Loko-Oweto Bridge, Kashimbila-Takum-Chanchangi Bridge, and Bodo-Bonny Bridge.
Constructed for the first objective of getting from one aspect of an obstruction to the opposite, a few of these bridges have been totally accomplished, some are nonetheless below development and the remaining are but to be accomplished, in response to BusinessDay findings.
Second Niger Bridge
The Second Niger Bridge in Onitsha, Anambra State, had been within the works since 1976 till September 1, 2018, however critical development works began below Buhari’s administration and it was accomplished in 2022.
To renew work on the undertaking website, the Buhari authorities created the PIDF in 2018 and issued a brand new contract to Julius Berger.
The 1.63-kilometres bridge, which spans the Niger River, connects Asaba, Delta State’s capital, with Ogbaru, Anambra State. It has adjoining roads from Oko Amakom in Delta State to the bridge and from the Onitsha finish of the bridge to the Obosi interchange, which deliver the full distance to about 12 kilometres.
Upon completion, the bridge will ease site visitors circulation, enhance street security, and create better alternatives for native residents by advancing the industrial viability of the fast space and regenerating financial life.
Ibi Bridge
Ibi Bridge is to be constructed below the general public personal partnership construction and would join Taraba with Bauchi, Nasarawa, and Plateau.
It’s a 2.3-kilometre with an 8-kilometre entry street that was awarded by the Federal Authorities in 2020 at a price of N57 billion and is projected to pave the way in which for Taraba State’s instructional and financial growth in North-East Nigeria.
Rehabilitation of Third Mainland Bridge
The Third Mainland Bridge is thought for prime vehicular site visitors on weekdays, as it’s the longest of the three bridges connecting Lagos Island to the Mainland. The bridge is an important a part of Lagos’ day by day commuting, and as such requires to be consistently renovated.
The 11.8km bridge was rehabilitated in the course of the Buhari administration, with about N4 billion spent on renovation and upkeep, as a part of the undertaking funded with a Sukuk bond.
It was inbuilt 1990 for $1 billion and was previously Africa’s longest bridge, however has since been surpassed by Cairo’s sixth October Bridge.
Ikon Bridge in Cross River
The Ikon Bridge is a 1.5km two-lane bridge that’s situated on the border between Nigeria and Cameroon in Ekot-Mfum, Etung Native Authorities Space (LGA) of Cross River State.
The Mfum/Bermenda street hyperlinks Nigeria from Etung LGA of Cross River to Bermenda in Southern Cameroon. The bridge was constructed over 60 years in the past below the Yakubu Gowon navy authorities.
Stories have it that development of the bridge started on April 28, 2017, and was accomplished in March 2021 at the price of N35.9 billion, funded below the sovereign Sukuk bonds.
Upon completion, the bridge is predicted to strengthen relations between each nations and enhance cross-border safety.
Learn additionally: Buhari inaugurates Lagos light rail he killed 38 years ago
Loko-Oweto Bridge
The Loko-Oweto Bridge, a Sukuk bond-funded undertaking, crosses the Benue River within the nation’s southern area. It connects the northern and southern areas.
This bridge has a complete size of about 1,835 metres and is made up of 20 standard 85 metres of interior spans and two 67 metres of finish spans.
The Loko-Oweto Bridge constructing contract was awarded to R.C.C. Nigeria Restricted on November 2, 2011, with an preliminary completion estimate of 48 months, however as of 2018, it was reported to be 91 % full and scheduled to be commissioned in March 2023.
Kashimbila-Takum-Chanchangi Bridge
The Federal Ministry of Works and Housing allotted about N66.98 billion for the rehabilitation of the 91.94-kilometre Kashimbila-Takum-Chanchangi Bridge in Taraba State, which remains to be below development and funded by the Sukuk bond. The bridge was earlier constructed in the course of the navy period in its place bridge for use by motorcyclists and pedestrians.
Bodo-Bonny Bridge
The Bonny-Bodo Bridge and street is a 39km street undertaking that can join the Island of Bonny to the Ogoni neighborhood of Bodo, on the Rivers State Mainland. It options two main bridges in Okpobo and Nanabie.
It runs throughout 4 LGAs in Rivers State. The bridge undertaking was first conceived round 1978, greater than 40 years in the past.
The undertaking, which is below development, is being financed by Nigeria LNG Restricted below the Federal Authorities Tax Rebate Scheme and is estimated to value N200 billion.
