Lagos State Government on Tuesday said the proposed Fourth Mainland Bridge will gulp $2.5 billion under the Public Private Partnership (PPP) agreement.
Director-General, Lagos Office of PPP, Ope George disclosed this at a news conference to mark the second year of Governor Babajide Sanwo-Olu in office, held in Alausa, Ikeja.
He said a successful bidder for the bridge is expected to be determined by October in the 3rd quarter of 2021.
George said the project was currently being contested among six bidders, saying that the state was at a critical point where glitches had been identified and that same were being addressed to finalise processes towards the commencement of the $2.5 billion transaction worth project.
According to him, the State would continue to ensure friendly environment for private sector engagement to thrive in partnership with the government in efforts towards driving development courses in the State.
On the Ilubirin Estate, George disclosed that the project would gulp N160 billion, saying that the project is a public foreshore housing project being built on reclaimed land in Ikoyi Island, Lagos, at the the foot of the third mainland bridge, facing the Lagos Lagoon waterfront.
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Yinmu
What do we need the bridge for? People are dying of hunger
Heard