The government of the State of Osun said on Monday it will spend N 2.7 billion to construct the flyover planned for Olaiya Intersection, Osogbo, capital of the state of Osun'.
Government equally disclosed the Public Procurement Agency has issued approval of “No-Objection/Due Process Certification” for the award of the contract for the construction.
The disclosures, which followed a memorandum by the Ministry of Works and Transport sent to the State Executive Council, was made available on Monday by the Commissioner for Information and Civic Orientation, Mrs Funke Egbemode, after the week’s State Executive Council Meeting.
According to her, the total sum, presented as N3,108,379,829.76, comprises the net sum of N2,688,748,552.74 and a 13.5 per cent statutory deductions which include the percentage withholding tax, 7.5 per cent Value-Added Tax and 1 per cent stamp duty deduction.
The government had earlier announced its decision to construct a flyover at the Olaiya Intersection, Osogbo, to both address recurring accidents and decongest traffic at the Intersection.
The government announced the Alternative Project Funding Approach, APFA, would be adopted for the funding of the project.